In a new interview with FOX Business, venture capitalist and Bitcoin bull Tim Draper says he purchased about 30,000 Bitcoin at $632 per coin in 2014. Wearing a Bitcoin tie and BTC socks, Draper says his holdings are now worth 10 times his initial investment, with Bitcoin trading around $6,880 today.
The founding partner of Draper Associates, an early stage venture capital firm that bet on Skype, Tesla, Baidu, Coinbase and Robinhood, among other tech companies, says Bitcoin is on track to keep boosting its market share.
Speaking Thursday with Liz Claman on FOX’s Countdown to the Closing Bell from the SALT conference in Las Vegas, Draper says he believes Bitcoin will continue to rise.
“I’m a believer that in four years – something like that – Bitcoin will be about a 5% market share of the Earth. It’s a better currency. It’s decentralized, open. It’s transparent. Everybody knows what happens on the blockchain. I eventually want to have a fund where I take in Bitcoin, where 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 accounting, no legal, no bookkeeping, no custody. It would all be done.”
If his prediction is on target, Bitcoin will hit $250,000 by 2023 and, according to his calculations, will nab a 5% share of all assets on the planet.
Draper, who invested in the embattled healthcare startup Theranos, says it’s important to take risks, and that he would have still made the same decision to back it.
“I will continue to back entrepreneurs who I think are going to make big transformations around the world. And I’m proud to say that I have backed a lot of them… And I’m also proud to say that half of them didn’t work.”