Billionaire investor Tim Draper reinforces his confidence in Bitcoin

01 Feb 2024

During an interview with Bloomberg this week, billionaire venture capitalist Tim Draper has reinforced his support for Bitcoin.

Draper is renowned for making a $250,000 price prediction for the world’s largest crypto. Back in December last year he stated that when Bitcoin was priced at $4,000, he forecast it would reach $250,000 in four years.

However, he later said he underestimated a number of key factors, reports.

“A few things I didn’t expect. I didn’t expect the US government to be so paranoid about it (Bitcoin). I expected the US government to figure out how to tax it and figure out how to allow people to do business with Bitcoin as their base currency. And it’s happened in a number of other countries, and that’s why Bitcoin is doing so well … So I miscalculated on how … scared the government, the US government was,” Draper stated.

The venture capitalist went on to add: “And now, they realise that Bitcoin’s actually better for everyone.

“It keeps perfect records,” he continued, adding that criminals who used Bitcoin “were all caught, so using Dollars is probably better for a criminal.”

He continued the interview with Bloomberg by saying: “I think that there’s going to be a moment where there’s a run on the banks the way after the Civil War there was a run on Confederate money, and there was a run on the Greek drachma and a run on the French franc when they became a part of the Euro.”

He further echoed his support of Bitcoin by stating: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in Bitcoin. And people won’t want Dollars anymore.”

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