April 24th, 2018: Tim Draper, a venture capitalist known for his successful investments in the technology sector, now says that Bitcoin will be “bigger than all those combined” (‘those’ referring to his early investments made in Tesla, Skype, and Hotmail). In a recent debate by IQ2US, Draper used the opportunity to discuss the future of the fintech sector and answer some questions others had for him about his previous investments. Clearly, Draper is bullish on bitcoin and the cryptocurrency disruption, but the debate revealed to what extent he really is.
Draper recently appeared for an Intelligence Squared (U.S.) debate on Saturday that was presented in partnership with Manhattan Institute’s Adam Smith Society with the motion titled: “Bitcoin is More Than a Bubble and Here to Stay.” During the debate, Draper was asked about investments in cryptocurrency compared to his earlier investments in companies like Tesla, Hotmail, and Skype, to which he replied that Bitcoin will be “bigger than all those combined” and continued on during the debate to include:
This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined…In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto. I believe that there will be a point at which you will no longer really want any of the fiat currency.
While the bold statements may sound a bit like hyperbole to some readers, Mr. Draper is no stranger to bold bitcoin bullishness (try saying that 3 times fast!). Draper is the same venture capitalist who made headlines earlier in April for his bitcoin price prediction. Claiming that the price of bitcoin will reach $250,000 by 2022, Draper clearly remains quite bullish on bitcoin. The outspoken bitcoin enthusiast also used part of his time at the Intelligence Squared debate to reiterate and double-down on this price prediction.
According to CNBC, Draper purchased nearly 30,000 BTC back in 2014 from a U.S. Marshals Service auction and told CNBC that he “was still holding all those coins.” Given the current market value of BTC, those bitcoins would equal a total of around $268 million. Draper is no stranger tech investments.