Some days ago billionaire Tim Draper claimed that the “king of all cryptos” would reach the rate of $250,000 in a couple of years, and he does not seem to be eager to debunk his own words.
Last weekend, the venture capital mogul reiterated his forecast and on top of that he added something even more “spicy.”
When participating in a debate on April 21, Draper said that bitcoin could be more consequential than the internet.
Draper Challenging Tesla, Skype and Hotmail With Bitcoin
On Saturday, the tycoon Draper took part in the Intelligence Squared U.S. debate organized in collaboration with Manhattan Institute's Adam Smith Society. When he was asked how cyber-money can be compared to his early investments in Tesla, Skype and Hotmail, Draper said bitcoin would outperform all of them put together.
Later on, Draper added:
"This is bigger than the internet. It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution. This affects the entire world, and it's going to be affected in a faster and more prevalent way than you ever imagined."
Draper, who is also the constitutor of an advanced VC firms Draper Associates as well as DFJ, also emphasized that by 2023 public currencies will be beaten by cryptos in their popularity, CNBC reports. Earlier the venture capitalist said that bitcoin would skyrocket to $250,000 in four years.
"In five years you are going to try to go buy coffee with fiat currency, and they are going to laugh at you because you're not using crypto," said Draper.
He also added that he supposes that there will be a moment in the future at which people will be reluctant to use public currencies but bitcoin.
The early internet investor is known for being very bullish towards cryptos and BTC in particular. And it is understandable as back in 2014 Draper purchased approximately 30,000 units of BTC during the US Marshals Service auction.
Later in December 2017, when bitcoin surpassed the margin of $19,000, Draper claimed he was still “hodling” all those coins. If that appears to be the truth, then Draper’s net worth must be around $268 million.
During the debate, the FT managing editor Gillian Tett stressed that bitcoin still can be used for illicit purposes as well as it can be dangerous given its volatility and other jeopardies for investors. Draper had an answer for that one too. He said he is more sure about his BTC assets than in the funds "sitting there in Wells Fargo."