Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share
By CCN : While Elon Musk and Jeff Bezos are focused on Mars, billionaire venture capitalist Tim Draper has his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from what he tells Fox Business , the early bitcoin investor isn't stargazing:
"I'm a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth."
"I'm a believer that in four years, something like that, Bitcoin will be about a five percent market share of the Earth."Speaking with Fox Business' Liz Claman at the SALT Conference in Las Vegas, venture capitalist and longtime Bitcoin investor Tim Draper explains why he is so bullish on the cryptocurrency.
Posted by Fox Business on Thursday, May 9, 2019
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He pointed to bitcoin's best features such as decentralization, transparency, and simply being a better currency than fiat. Draper was an early bitcoin investor, having purchased 30,000 BTC when the price was hovering at $632 per coin. He points out that the investment is worth 10x that amount today, and he's got no doubt that it's going much higher.
Draper envisions a future in which bitcoin further disrupts the venture capital business model.
"I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no acounting, no legal, no bookeeeping, no custody. It would all be done."
Considering that transactions would be recorded on the blockchain, all relevant participants would be able to see everything. Tim is a big fan of bitcoin but he keeps an open mind about other cryptocurrencies, too. Though he does expect that the number of coins will be whittled down to only the best projects.
