Famous venture capitalist Tim Draper believes that Bitcoin and cryptocurrencies will eventually dominate the world.
Betting on Bitcoin
Tim Draper was one the few venture capitalists that strongly believed in Bitcoin and cryptocurrencies before they became mainstream. According to a recent Forbes article, Tim Draper first thought about virtual currency 15 years ago while he was in South Korea. In 2014, the California-based investor was featured on several news sites as he purchased around 32,000 Bitcoin, worth nearly $20 million through an auction by the U.S. Marshals Service. The coins were seized from the famous Silk Road darknet marketplace.
In the Forbes article, he stated:
I believe that Bitcoin and crypto will drive most of the commerce of the world.
Tim Draper also added:
I don’t know why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.
At the peak of Bitcoin’s price, Draper’s coins were estimated to be worth over $600 million…