VC Billionaire Tim Draper Bullish on Cryptocurrency
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Fireside Chat with VC Billionaire Tim Draper
If you work in tech, you’ve probably heard of VC Billionaire Tim Draper. Founding the Draper Fisher Jurvetson (DFJ) firm, Tim has been in the VC scene for many decades with an estimate net worth of $1 billion. He founded Draper Associates and Draper University, a catalyst for start-ups to be incubated and mentored by the best in the tech realm.
Tim was believed to have started delving into cryptocurrency after the famous Silk Road exchange was shut down. On July 2014, an auction was held by the FBI for an estimated of 30,000 bitcoins to be sold. The price was ultimately settled and undisclosed, but the amount of bitcoin that was worth at that time was roughly $200. This amount now is worth over $225 million dollars.
After realizing that cryptocurrency was here to stay, Tim started investing heavily in multiple blockchain projects including Tezos, VeChain, Nucleus Vision, and Tron. Most recently, he publicly stated the following:
"This is an exciting time. You know, when people talk about the 'internet bubble', they think of it as a bubble that popped... Well, the internet, that bubble was just the first little tiny wave, and it got so much bigger... but it was fewer companies... Back then, if you'd bought all the internet companies at the very top of the bubble, you would have made a fortune. You'd have lost 2/3 of your money, but the other 1/3 would have gone so high because it would have included Google and Apple and Amazon... Netflix... all these companies, and you would have done incredibly well. So, same thing is happening now for Bitcoin.”
Cryptocurrency is a relatively new realm where companies can raise hundreds of million dollars through initial coin offerings, or ICOs, that marvel traditional companies filing for an IPO. Tim Draper, being a veteran and expert in venture capitalism, is extremely bullish for cryptocurrency to prosper going forward. Time will test the true nature of cryptocurrency, but for the space to gain interest from heavy industry leaders is promising.
Full interview can be read at thestreet.
Cheers,
The Blockchain Musketeers
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