Tim Draper is a big name in the cryptocurrency industry, and has made quite a fortune investing in it. Back in 2014, Draper decided to buy 30,000 Bitcoins for under $20 million. Today, that investment is worth over $215 million.
One of the biggest pieces of investing is being able to try and predict where the market will go. Tim Draper has made leading investments in some of the largest tech companies such as Skype, Tesla, and Twitter. Because of this, many people trust his opinion on where the market is going.
Draper recently stated that “in five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant… there will be no reason to have the fiat currencies.” For those who don’t know, fiat currencies are essentially all currencies that are only backed by the reputation of the currency, and do not have any intrinsic value.
Bitcoin was the first cryptocurrency and currently has a market capitalization larger than several of the biggest Wall Street firms. With growth in the 700% range for 2017 alone, it does not seem like the coin is going anywhere anytime soon.
Draper and his company, DFG Venture Capital, have long been bullish on investing in the top cryptocurrencies including Bitcoin and Ether, and have not changed that opinion in recent times.
The 30,000 Bitcoins that Draper was able to acquire back in 2014 now have been valued at over $214 million dollars. This of course is an extreme example of what can happen when one invests in cryptocurrency at the right time, but it does show the wide amount of potential in the market for growth. As the industry continues to grow, so will those who choose to get involved.