Bitcoin

Tim Draper: Bitcoin Will be Bigger Than Tesla, Skype, and Hotmail Combined

Rebecca Campbell | April 23, 2018 | 5:44 pm
Bitcoin
Bitcoin

Tim Draper: Bitcoin Will be Bigger Than Tesla, Skype, and Hotmail Combined

Rebecca Campbell | April 23, 2018 | 5:44 pm

Venture capitalist Tim Draper has made the bold claim that bitcoin will become bigger than Tesla, Skype, and Hotmail combined.

Bitcoin to Hit $250,000 in Four Years

Speaking at an Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society over the weekend, Draper said that compared to his early investments in Skype, Tesla, and Hotmail, the number one digital currency would be ‘bigger than all those combined,’ reports CNBC.

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.

As long-time advocate for bitcoin, Draper – founder of leading venture capital firms Draper Associates and DFJ Venture Capital – has never been one to hold back on where he thinks the currency is heading.

In 2014, he purchased nearly 30,000 bitcoin during the U.S. Marshals Service Silk Road auction. In December, it was reported that he was still in possession of those coins. Last year, Draper proclaimed that bitcoin was the greatest technology since the internet and that it was better than fiat. Whereas, in April, he stated that the cryptocurrency should replace the Indian rupee.

During his most recent debate Draper predicted again that the digital currency would be worth $250,000 within four years. Talking about how it would be used, Draper explained:

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. I believe that there will be a point at which you will no longer really want any of the fiat currency.

Draper’s remarks come at a time when the market is experiencing an upsurge in value. At the end of 2017, bitcoin was trading within touching distance of $20,000, but steadily saw its price – among others – fall during the first quarter of 2018. At the time of publishing, bitcoin is trading at over $8,900, according to CoinMarketCap, with the cryptocurrency industry hitting a six-week high at $400 billion.

Patrick Byrne, CEO of Overstock.com, who debated alongside of Draper, was equally in favour of bitcoin. He said:

This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.

Due to bitcoin’s market share – currently worth $151.5 billion – Draper is of the opinion that bitcoin will win the ‘long-term crypto battle.’

Image from Shutterstock.
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  • Dueep Jyot Singh

    Tim Draper has lost it completely. Is this a marketing stunt getting people to invest in so called cryptocurrency which has no financial locus standi any where in the world legally speaking? China Hongkong and banks in Singapore do not have any thing to do with clients who are dealing in Crypto currency instead of in legal Globally acceptable money for financial transactions. Being a banker myself, I know the desperate measures financial institutions in America are thinking up, in order to boost up a failing economy, nearly bankrupted with a disastrous 27-year-old war in the Gulf.
    Interesting, is not it, that the whole of the world does not bother about bitcoin and crypto currency.Asian countries coundn’t care less. It is only in America where the credulous people with plenty of money to lose or are governed by dreams of millions are ready to invest it, in something, which has no visible identity except a metal disk. You do not even have paper proof, like you would have, when you invested in shares or debentures or COD’s.
    There are a group of people, making this “currency” – the miners- and the day the Internet finds this digital company missing from its search engines, gone with the wind, everybody is going to yell, where oh where has my money gone?
    Wake up. Just because some billionaire, desperate for people to invest some money in America’s greatest scam game of the decade, has told the papers to bring out articles on how bit currency is the best thing after sliced bread, you are going to invest in something which is not present which is made by some person who says that it is going to be taking the place of paper and metal currency?
    And when you find yourself bankrupt yet once again losing your shirt over something which disappeared one midnight, with your money – there is absolutely nothing safe on the Internet, especially in so-called Internet banks like PayPal, where they can supposedly freeze your accounts and steal all your money and you have no legal redress anywhere in the world.
    Digital currency and crypto currency come in that same shady gray area.

  • Jan Baer

    “Person Who Owns 30,000 Bitcoins Says They Should Become Incredibly Valuable” There, I fixed the headline.

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