Tim Draper, famous venture investor, says the world needs a new kind of currency.
Tim Draper, the founder of venture capital firm Draper Fisher Jurvetson, says the world needs a new kind of currency. Tim Draper began actively investing in bitcoin a few years ago. In his interview with Bloomberg he says that in the future cryptocurrency will get an important place in the world economy.
In 2014 Draper had lost about 40,000 Bitcoins in the Mt. Gox hack (around $250,000 at the time). Talking to Bloomberg, he confessed that after the hack he thought that’s the end of Bitcoin and cryptocurrency.
But Draper has a good foresight and intuition. Despite the fact that he lost a quarter of a million dollars, he noted that “Bitcoin only dropped about ten percent on the news that Mt. Gox, the biggest exchange in Bitcoin basically stole or lost… all that Bitcoin.”
Moreover, according to him, in the future a very large part of the world market of currencies, whose current volume is estimated at $ 86 trillion, will be crypto.
Answering the question about potential bitcoin falling below $1000, Tim Draper replied: "I look at it quite differently, because I think that bitcoin is the future currency. People ask me, 'Are you going to sell your Bitcoin?' And I say: "Why would I sell the future for the past?"
Draper believes Bitcoin will create a new world order. He noted that banks often refuse people who want to open an account and put $20 on it, because banks will spend $200, serving this account under the current regulations. With bitcoin this problem will not arise and therefore it will serve a poor half of the world’s population.
Tim Draper is sure that “My Bitcoin is more secure than my dollars in the banks.” He argues the blockchain has not been hacked, whereas banks have been “over and over”.