Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share
ByCCN: WhileElon MuskandJeff Bezosare focused on Mars, billionaire venture capitalistTim Draperhas his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from whathe tells Fox Business, the early bitcoin investor isn’t stargazing:
“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”
“I’m a believer that in four years, something like that, Bitcoin will be about a five percent market share of the Earth.”Speaking with Fox Business‘ Liz Claman at the SALT Conference in Las Vegas, venture capitalist and longtime Bitcoin investor Tim Draper explains why he is so bullish on the cryptocurrency.
Posted byFox Businesson Thursday, May 9, 2019
Draper’s Bitcoin War Chest is a Cool $189 Million
He pointed to bitcoin’s best features such as decentralization, transparency, and simply being a better currency than fiat. Draper was an early bitcoin investor, having purchased 30,000 BTC when the price was hovering at $632 per coin. He points out that the investment is worth 10x that amount today, and he’s got no doubt that it’s going much higher.
Draper envisions a future in which bitcoin further disrupts the venture capital business model.
“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no acounting, no legal, no bookeeeping, no custody. It would all be done.”
Considering that transactions would be recorded on the blockchain, all relevant participants would be able to see everything. Tim is a big fan of bitcoin but he keeps an open mind about other cryptocurrencies, too. Though he does expect that the number of coins will be whittled down to only the best projects.
Tim Draper on Facebook
Everyone knows Facebook is pursuing a $1 billion fund for its new stablecoin, and Draper has been linked to discussions with the company about the initiative. Incidentally, the gloves came off on one of Facebook’s founding members earlier this week, with Chris Hughes calling for the breakup of Mark Zuckerberg’s company. Draper isn’t buying into it.
“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”
If his tone is any indication, perhaps we will be hearing about a VC investment into Zuckerberg’s new blockchain project.
Meanwhile, the bitcoin price is currently hovering at $6,379. It’s a far cry from Tim Draper’s $250,000 target but if he’s right and it captures 5% of the earth’s market share, the moon will seem a lot closer than it does today.
About The Author
Gerelyn is Assistant Editor at CCN. Before crypto, she was covering institutional investing on Wall Street but caught the bitcoin bug soon after. She resides 13 miles outside of New York, close enough but also far enough away to escape it all. Follower her on Twitter (@cryptogerelyn) or email[email protected]Disclosure, she “hodls” bitcoin.
This article was edited byGerelyn Terzo.