Tim Draper is a billionaire venture capitalist and a Bitcoin enthusiast. He believes that retailers will one day only accept bitcoins as payment.
“There will be a moment when all the retailers say ‘I accept bitcoin’ and then there will be a moment when retailers will say ‘I only accept bitcoin,” Draper said Bloomberg Television.
Tim Draper’s support of Bitcoin goes beyond mere words. Tim Draper made headlines when he splashed out $19,000,000 in 2014. to purchase The Silk Road market was shut down, and 30,000 Bitcoins were seized.
Those coins were valued today at approximately $3.5billion. Draper also invested in major crypto companies, such as Coinbase and Robinhood Markets. This has cemented his reputation among the most influential investors.
In the interview with Bloomberg, Draper acknowledged that for now, bitcoin is primarily being held, not spent — a trend fueled by its consistent value growth, which makes it a favored store of value and a hedge against inflation.
Draper believes that change is on its way. He predicted that, eventually, merchants will accept Bitcoin as the primary form of payment.
Tim Draper launches a new fund-raising round
Draper is also raising fresh capital Draper Associates, his venture capital firm.
A Tuesday SEC filingThe firm’s website hinted at an official launch. Draper Associates manages assets worth $2 billion and focuses on cryptocurrency investments.
The Fund 7 fund was raised in 2022 for nearly $124 Million.
This coincides with an impressive crypto-market rally. Recently, the total crypto market surpassed $4 trillion. This was boosted by new legislation from Congress regulating stablecoins. Bitcoin also surged past $120,000 over recent months.
Draper started his venture capital career, aged 67, in 1985, with a six-million dollar loan. His early investments included Skype, Baidu SpaceX and Tesla.
Draper has predicted in the past that bitcoin could hit $250,000 — a forecast that, while not yet realized, is seeming more and more likely as Bitcoin sits above $113,000.
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Source: bitcoinmagazine.com
