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Tim Draper: Crypto-currencies will become a global engine of trade

Well-known venture capitalist Tim Draper believes that bitcoin and crypto-currencies will eventually dominate the world, bitcoinist writes  .

Tim Draper was one of the few venture capitalists who firmly believed in bitcoin and crypto-currencies before they became mainstream. According to a  recent Forbes article , Tim Draper first thought about virtual currencies 15 years ago when he was in South Korea.

In 2014, a California investor appeared in the headlines of news sites, after buying about 32,000 bitcoins worth about 20 million US dollars at an auction held by the US Marshals Service. These funds were confiscated during the operation to eliminate the famous darknet marketplace – Silk Road.

In the Forbes article, he stated:

“I believe that bitcoin and crypto-currencies will become the world engine of trade.”

Tim Draper also added:

“I do not know why anyone would want to return to fiat when crypto-currencies are technological, safe and global, and Fiat is subject to the whims of politicians.”

At the peak of bitcoin prices, Draper’s crypto-currency investments were estimated at $ 600 million.

Tim Draper is not the first time declaring his strong belief in bitcoin and crypto-currencies. In a CNBCarticle,   he stated that in the near future, crypto-currencies will replace the fiat money in trading operations:

“In five years, if you go to Starbucks or McDonald’s and try to pay off the usual currency, the sellers will ridicule you.”

According to various sources, Draper invested in 40 different crypto-currencies. He also invested in ICO Tezos, which managed to collect more than $ 230 million. At present, the project is threatened with a class action, but the investor does not worry about it.

“I continue to be enthusiastic about the ICO, and to what extent, this way of collecting money is truly creative. It provides unprecedented opportunities for entrepreneurs, but successful projects should be given more time to work with people’s expectations. “

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Tim Draper: Crypto-currencies will become a global engine of trade


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