If there is anything causing Tim Draper to lose sleep, it is certainly not the slump in the cryptocurrency market. Indeed, the 60-year-old tech billionaire has bigger fish to fry. He was speaking on the bear market lately. In a bid to show his bullish stance on cryptocurrency, the whale said that the global economy will definitely transition to virtual currency.
Tim Draper gives insight into the crypto future
Speaking on Monday at the World Crypto Con in Las Vegas, Draper described the shape that a future with cryptocurrency will take. According to Forbes, Draper, whose father, Bill Draper, was a major investor in popular communication software Skype, said that the world would transition to cryptocurrency. He asserted that people are better off with virtual currency than government-controlled currencies. The tech billionaire noted that the move is inevitable as cryptocurrency holds the future.
Standing by his prediction
While making a case for cryptocurrency, Tim Draper provided the reason behind his strong conviction in digital currency. He observed that forward-thinking countries are transitioning to cryptocurrency. Therefore, he notes that “smaller countries” welcome the use of cryptocurrency because they realize that digital currency is the future.
Draper refused abandon his earlier prediction that the Bitcoin price will reach $250,000 USD by 2022. At the conference, Draper insisted that cryptocurrency is a game-changing revolution. Additionally, he went ahead to quote a French novelist, Victor Hugo, who once said that “Nothing can get in the way of an idea whose time has come.”
Expands investment in cryptocurrency
Amid a bear market where scores of cryptocurrency holders are looking to dump their digital assets, Tim Draper is expanding his crypto investment. He revealed that he plans to raise a Bitcoin-based fund and invest it in various companies. Afterwards, the venture capitalist says he will get the company to pay the staff with cryptos.
Despite the crypto market downturn, he has remained resolute in his quest to push crypto into the mainstream. On his latest prediction, Draper sees the crypto industry attaining a meteoric spike of $80T USD in 2023.
On June 27th 2014, Draper revealed that he purchased 40,000 BTC for an undisclosed amount. He later noted that he bought the cryptos from the US Marshals service’s auction.
On the status of his virtual currency, he told the conference that his Bitcoin stockpile remains in tact.
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