Tim Draper has weighed in on the crypto space again, and this time the venture capitalist seems to be more bullish than he’s ever been about Bitcoin.
During an event over the weekend, Draper said that Bitcoin will be bigger than Hotmail, Tesla (NASDAQ:TSLA) and Skype combined.
Draper was an early investor in all three of these, so he knows a thing or two about what led them to be so successful. That means he sees something real special in Bitcoin.
To say Bitcoin’s even bigger than Tesla alone is saying something that turns heads, so saying it’s bigger than all three of these tech disruptors causes many to sit up and take notice.
Let’s discuss.
Clearly smitten
At the Intelligence Squared U.S. debate on Saturday, Draper repeated statements he made in March about Bitcoin’s potential.
"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."
Draper is convinced that fiat money is going to be a thing of the past very soon. He said that in five years, people are going to try to buy coffee with fiat currency and others are going to laugh at them for not using crypto.
“I believe that there will be a point at which you will no longer really want any of the fiat currency.”
Putting the money where his mouth is
Draper founded one of the leading venture capital firms in the country – Draper Associates. He is convinced that Bitcoin’s price will smash through the puny estimates of $25,000 and even $100,000 that some crypto observers have put out.
He sees the crypto hitting $250,000 by 2022, and he’s positioned his crypto portfolio to be ready for the inconceivable price.
He reportedly bought almost 30,000 bitcoins in a 2014 U.S. Marshals Service auction.
According to CNBC, he was still holding them as of December.
The media outlet calculated that if he was still holding the crypto as of Monday, he’s sitting on $268 million worth of bitcoins.
This article appeared first on Cryptovest
