Early Investor in Hotmail, Skype and Tesla, and Bitcoin Billionaire, Tim Draper is building his arsenal of cryptocurrencies for the bull run.
One of Drapers most memorable moments was after purchasing thousands of Bitcoins that were seized from the dark web. The purchase valued at $19 million in 2014 is now estimated to be around $200 million.
Regardless of it being a bull or bear market. Tim Draper will stick by his BTC prediction of $250,000 by 2022. He has also said in recent interviews that “fiat is the best” and that mass adoption will not be far off.
Some well-known investors and founders of credible services such as Hotmail founder, Sabeer Bhatia have weighed in on crypto; he said: “The underlying business model that I have looked at is fraud. Cryptocurrencies are nothing more than white papers, hope in the way the world will be,” Some other notable critics of crypto are Warren Buffet and Jamie Dimon.
Draper expects that the potential of crypto and the technology it uses will soar in value. As time goes on so will Crypto’s influence.
He stated: “I expect that since cryptocurrencies will increase the velocity of money, the current $86 trillion global markets for currency will grow to be about $140 trillion in the next ten years and that growth will be in crypto. In fact, I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market.”
His belief in crypto has led him to only keep enough for everyday transactions until fiat is no longer necessary to have. He states: “This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution,” Draper once said at a debate held by Intelligence Squared. “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”