Tim Draper might invest in Facebook crypto project

12 Apr, 2019
by Joeri Cant
Tim Draper might invest in Facebook crypto project

Billionaire Tim Draper, one of the crypto space's most bullish figures, is planning to meet with Facebook to talk about investing in the social media giant's crypto project.

According an email sent to Bloomberg, the American venture capital investor, Tim Draper is interested to hear the story around the Facebook crypto project to see if it is a fit.

Ever since the moment it was announced that Facebook is launching its own coin, the crypto community has been waiting in anticipation for every single bit of information on this elusive cryptocurrency.

First it was just a rumor, then it became an idea, and recently it was confirmed that the Facebook coin will most likely be a stablecoin tied to a variety of cryptos, which will be used throughout the entire Facebook eco-system, including WhatsApp and Telegram.

Recently Chepicap reported that a New York Times reporter, Nathaniel Popper, suggested that the social media giant is looking for institutional investors to raise funds in the amount of a whopping $1 billion dollars for their crypto coin project.

Read more: Facebook Coin: company may be seeking $1 billion in VC funding

Draper started investing in the crypto space right before the Mt.Gox disaster, and ended up buying Bitcoin at the U.S. Marshals' auctions in 2014, which had seized 144,336 Bitcoins from the operators of Silk Road, and put them all up for auction.

'They put it up for auction. The bidders were all ... sort of venture capitalists and a couple of other people. They were all talking about what kind of a deal they were going to get. There were nine lots and how it was going to be below market. The market price for BTC was $6.18 at the time', Draper said.

'I thought: You know, if I want this stuff I might as well bid above market. Here was my thinking: Either this thing goes to nothing and -- you know, too bad -- or it goes sky-high and nobody's going to care that I paid 5% more for it. So I bid up to $632 and I didn't just get one lot, I got all the lots. So I was a little bit heavy in Bitcoin there for a while.'

Read more: Craig Wright continues to threaten, sends out 'law suit' letters

In March Draper said he believes that over some period of time the cryptocurrencies will eclipse the fiat currencies.

'So we’re looking at about a thousand times on what we’ve got now', he said, which would suppose for the Bitcoin price to reach levels in the vicinity of $4 million.

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