[2018-11-27] Billionaire Tim Draper Unfazed By Bitcoin Crash, Boldly Vows Crypto

[cybersofts]

Billionaire Tim Draper Unfazed By Bitcoin Crash, Boldly Vows Crypto Will Surpass Fiat Money



Tech billionaire Tim Draper is unfazed by the recent bitcoin crash, and insists that the global economy will soon transition to crypto.

In fact, Draper boldly predicts that crypto will eventually overtake fiat money to make up two-thirds of the world’s total currency value.

The Silicon Valley venture capitalist said the shift will be inevitable once it becomes easier to spend and invest using cryptocurrencies.

“It’s going to be better for people,” Draper said at World Crypto Con in Las Vegas, as reported by Forbes on Nov. 26. “They’re going to move to crypto, and they’re going to go away from the political currency — they call it fiat. That’s the way it’s going to move.”


Crypto Is ‘Global and Frictionless’

Forward-thinking countries realize that the transition is on the horizon, which is why some are already trying to make the switch now, Draper observed.

“That’s why you’re seeing the smaller countries all say, ‘Yeah, we want bitcoin, we want initial coin offerings here, we want blockchain. We want all of these things in our country,'” he noted.

Draper is an unapologetic crypto evangelist who stands by his bullish $250,000 bitcoin price target for 2022, as CCN reported.

Short-term market setbacks do not unnerve him the way they do to crypto investors with short-term, day-trader mindsets.

    Billionaire Tim Draper Stands By Bullish $250,000 Bitcoin Price Target For 2022 https://t.co/lq8v7cPXun

    — CCN (@CryptoCoinsNews) September 21, 2018

Draper said crypto is a game-changing revolution. And, as French novelist Victor Hugo once noted, nothing can stop an idea whose has time.

“I tend to move my dollars into bitcoin, because why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global?” Draper asked.  “I would much rather have a global currency than one that is sort of tied to a political force.”


Draper Mulls Bitcoin Venture Fund

While cryptocurrency bears are running for the exits because bitcoin prices are plummeting, Draper is doubling down. In fact, he wants to launch a bitcoin venture fund.

“Eventually, I want to be able to raise a fund that is all bitcoin, invest it all in bitcoin into a bunch of different companies, and have them pay their employees and suppliers all in bitcoin,” Draper mused. “And then no accounting fees, and it’s done automatically.

“And it’s all built into smart contracts, so that if one of those companies gets sold, I push a button, it just shoots into all of their bitcoin wallets.”


Still Hodling Roughly 40,000 Bitcoins

Earlier this month, Draper revealed that he’s still holding the entire bitcoin stash he acquired in late-2014, when he purchased about 40,000 bitcoins at a federal auction for $600 apiece.

“This is a new society, and you want to get out in front of it,” Draper said at the 2018 Web Summit in Lisbon, Portugal (video below).

        - https://youtu.be/poMdExcVtvM

“You want to be a part of this new society. Or do you want to be a Luddite? The Luddites died off, didn’t they?”

Throughout the crypto market’s meteoric spikes and recent downturn, Tim Draper has steadfastly remained a vocal proponent for virtual currencies and blockchain.

In fact, he’s confident that the industry’s market capitalization will soar to $80 trillion by 2023, as CCN has reported. Draper said crypto will inevitably undergo its share of ups and downs, but the market will continue to forge ahead.

“The Internet started in the same way,” Draper recounted. “It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here.”

Reference: https://www.ccn.com/billionaire-tim-draper-unfazed-by-bitcoin-crash-boldly-vows-crypto-will-surpass-fiat-money/

[timerland]

Interesting. This is the person IIRC that said that bitcoin will go to $10k last year, which it did.

But still, I wouldn't be going as far as saying that crypto will completely replace fiat currency at this stage. I can see a future where bitcoin can serve a large role in global settlements, as well as being a store of value asset, but central banks will certainly not be willing to give up control of the economy. Mass adoption is still possible, though. But I'm just saying that fiat is probably not going to be gone any time soon, and even if governments do start using crypto, they will likely do so to issue their own fiat currency, just on a blockchain.

Also, the price predictions that he's got for 2020 is still quite wild, and I really doubt markets are going to be that bullish again any time soon. So do take what he says with a grain of salt at least.

[BitHodler]

Interesting. This is the person IIRC that said that bitcoin will go to $10k last year, which it did.

It's easy for us to point at who's right because there are only a few of them, and they all pop up in the media to make sure you know that they were right. It's nothing more than a lucky shot.

But still, I wouldn't be going as far as saying that crypto will completely replace fiat currency at this stage. I can see a future where bitcoin can serve a large role in global settlements, as well as being a store of value asset, but central banks will certainly not be willing to give up control of the economy. Mass adoption is still possible, though. But I'm just saying that fiat is probably not going to be gone any time soon, and even if governments do start using crypto, they will likely do so to issue their own fiat currency, just on a blockchain.

Fiat is here to stay, and it has much higher odds of staying where it is than Bitcoin and any other crypto asset. It's only a matter of time before fiat gets tokenized and people enjoy free and instant payments everywhere.

To some degree it is here already. Several banks in my country have launched side services where you have something very similar to PayPal running, but without the fees and charge backs. It's centralized, but who cares?

As long as something works better than crypto does, the average joes will use it. No one needs decentralization for every single payment. No one needs a blockchain for every single payment.

[Betwrong]

Interesting. This is the person IIRC that said that bitcoin will go to $10k last year, which it did.

It's easy for us to point at who's right because there are only a few of them, and they all pop up in the media to make sure you know that they were right. It's nothing more than a lucky shot.

But still, I wouldn't be going as far as saying that crypto will completely replace fiat currency at this stage. I can see a future where bitcoin can serve a large role in global settlements, as well as being a store of value asset, but central banks will certainly not be willing to give up control of the economy. Mass adoption is still possible, though. But I'm just saying that fiat is probably not going to be gone any time soon, and even if governments do start using crypto, they will likely do so to issue their own fiat currency, just on a blockchain.

Fiat is here to stay, and it has much higher odds of staying where it is than Bitcoin and any other crypto asset. It's only a matter of time before fiat gets tokenized and people enjoy free and instant payments everywhere.

To some degree it is here already. Several banks in my country have launched side services where you have something very similar to PayPal running, but without the fees and charge backs. It's centralized, but who cares?

As long as something works better than crypto does, the average joes will use it. No one needs decentralization for every single payment. No one needs a blockchain for every single payment.

That's right. What people need is faster transactions and lower transaction fees. If Bitcoin will be better in that regard, an average joe will definitely choose to use it. Otherwise it will be the currency used for gambling, porn and other activities where people would prefer to not pay with their credit cards.(Still multi-billion industries, by the way).

[veleten]

it is easy to be positive when you hold 40.000 coins
but his thoughts on paying his employees in bitcoins through smart contracts automatically
shows that Tim doesn't consider using coins much more suitable for this , even if slightly dreamy task of his
bitcoin is not famous for its smart contracts capabilities ,but I admire his vision and not trying to promote coins like ETH or , god forbid BCH
I think he is right on the money with his cryptomarket and internet comparison, the technology is relatively new and the progress it made is amazing
the ups and downs are unavoidable, but in the end it will be huge, because crypto  is the future

[Kemarit]

Draper boldly predicts that crypto will eventually overtake fiat money to make up two-thirds of the world’s total currency value.

This one I tend to disagree with Tim. We all know that this won't happen as there are countries relying on their old traditional fiat system.

“That’s why you’re seeing the smaller countries all say, ‘Yeah, we want bitcoin, we want initial coin offerings here, we want blockchain. We want all of these things in our country,'” he noted.

He has a point. We've seen a lot of smaller countries really taking advantage of crypto and blockchain, like Malta for example because small countries needed something to bolsters their fledging economy so it makes sense.


I still remember that people calling Tim Draper names because of the way he shill Bitcoins and then it slowly dawn on his detractors that he may be right. LOL. But then again, we can't really see what the future would bring so we shouldn't get excited by those people making bold prediction that Bitcoin will go "X" amount in "Y" years, just saying.

[figmentofmyass]

Interesting. This is the person IIRC that said that bitcoin will go to $10k last year, which it did.

It's easy for us to point at who's right because there are only a few of them, and they all pop up in the media to make sure you know that they were right. It's nothing more than a lucky shot.

i'd say it was a lot more than a lucky shot. you don't give draper any credit for foresight? he made a massive bet in the throws of the 2014 bear market, on the basis of the same fundamentals he cites now. he's not tom lee or mike novogratz, putting out a different forecast every couple months. he's a true believer and he sticks to his guns. i give him credit for that.

[1Referee]

it is easy to be positive when you hold 40.000 coins

I don't think there is much of a difference between Tim and genuinely bullish people with less financial resources. In the end, we all invest what we think is appropriate according to our net worth. In Tim's case it's plenty of millions back in the days, and for most people it's thousands. The percentage in allocated funds should be very similar.

I like Tim a lot, he's not using all sorts of weird and difficult to understand statements the regular folks can't figure out what they mean. He talks like you and me. He is like you and me. He went through a bear market eating through so much of his initial investment, that I can remember people making fun of him. Who's laughing now?

[BitHodler]

i'd say it was a lot more than a lucky shot. you don't give draper any credit for foresight? he made a massive bet in the throws of the 2014 bear market, on the basis of the same fundamentals he cites now.

Predictions, regardless of what they are based on--call them educated guesses, are still either right or wrong. In this case his $10k call was a lucky shot. I'm not referring to his investment paying off the way it did.

Bitcoin has always had the bias to go up throughout the years, and it will keep doing so. The only thing you can't time or predict is what the price will be in the next couple of years, and that's exactly what I was referring to.

[figmentofmyass]

I like Tim a lot, he's not using all sorts of weird and difficult to understand statements the regular folks can't figure out what they mean. He talks like you and me. He is like you and me. He went through a bear market eating through so much of his initial investment, that I can remember people making fun of him. Who's laughing now?

i remember those days well. all the tradingview regulars made fun of him for months and months. he was the butt of every joke. fast forward a few years, and it's hard not to respect the guy. he had a lot more foresight than most of us. back in the $200s and $300s, very few people believed bitcoin would ever be worth $10k. although i was a believer, he timed it a lot better than me. i always figured we had more time to accumulate cheap coins.

[1BTC EQUALS 1CAR]

I like the guy than those others that gets interviewed in CNBC. He's already a billionaire so I don't think that Tim is just after the money. He is one of a kind and a true supporter of the blockchain technology. His predictions might be outrageous for today but I'm very certain that bitcoin still has a very bright future in the next few years.
'

[Lucius]

I do not know why the amount 40 000 BTC is mentioned when it is fact that Tim Draper is bough only 30 000 BTC back in 2014 of total 144 336 BTC sold by US Justice Department. Maybe he bought more during the years, because allegedly two-thirds of his wealth is converted to cryptocurrency, but not only in BTC, in more than 40 different altcoins.

He is one of the few people who have the right to speak and who know what he says when it comes to cryptocurrency. He was also very smart to invest 1.6 $ billion in Coinbase, and also in some projects as SpaceX, Skype, HotMail, Tesla, FourSquare and many others.

Some 4 years from now we'll all see if he was right, even though 250 000 $ seems like a big price per 1 BTC, if big money start to flow in crypto, and by that I mean on trillions $, that price will be quite achievable.

On the other hand you can listen to the advice of old farts like Buffett, Gates, Soros and some others - by them BTC is dead for years. I can bet on one thing, they will all die long before BTC.

[Theb]

It is easy to be optimistic for now because he still have a little over 4 years left for his prediction to come true. This optimism that he is bullish to BTC is because he is confident enough that he believes too much on his prediction coming true. But if we are not even close to 20,000$ by 2022 he will be eating his own words or have come up a brilliant reason why it didn't happen in the first place. The sad thing about his prediction is all of it are just bullish sentiments without any logical reason backing it up, which is pretty unreliable for a lot of people.

[Slow death]

Billionaire Tim Draper Stands By Bullish $250,000 Bitcoin Price Target For 2022 https://t.co/lq8v7cPXun

    — CCN (@CryptoCoinsNews) September 21, 2018

be optimistic is something very good, but we always have to be realistic. do not have any chance that this forecast will become reality, the price will increase if there is a lot of demand and even if many institutional investors enter the market crypto still would not be possible see prices of $ 250,000 per bitcoin. noting that we are at the end of 2018, if in the next year BAKKT is a success has a chance of increasing price, but I very much doubt that the price increases to more than $ 10,000. If some ETF is approved and it is possible that the price increases to $ 10,000, but think of $ 250,000 per bitcoin is a dream hard to reach, even if it were 5 years from now

[Lucius]

It is easy to be optimistic for now because he still have a little over 4 years left for his prediction to come true. This optimism that he is bullish to BTC is because he is confident enough that he believes too much on his prediction coming true. But if we are not even close to 20,000$ by 2022 he will be eating his own words or have come up a brilliant reason why it didn't happen in the first place. The sad thing about his prediction is all of it are just bullish sentiments without any logical reason backing it up, which is pretty unreliable for a lot of people.

Nothing is as easy as you think, and you think Tim Draper is in easy position just because he gave prediction for 2022? The only sad thing about your post is that you probably never read or listened what he say or what he do in the past or in present time. Back in 2014 same people like you post same post like you and they called Tim Draper madman and maniac because he say : BTC with hit 10 000$ in next 3 years.

I do not claim he is 100% right regarding his prediction or speculation, but unlike some others who change their mindset every few months he firmly stands behind what he says. At the end of the whole story every person should decide for itself to invest or not. If you do not respect this man opinion that's your personal thing, for me he is one of the few people in crypto world who know what he is talking about.

[jeromix]

This is FUD probably because I do not see things that will going to happen especially nowadays that market situation for cryptocurrency is really that bad. I can't seem to understand people always talk about bounce back but it does not really happening instead the market still falls down. Hopefully it will not going to end for many are still enjoying and just want to continue doing trading with cryptocurrency.

[Lucius]

This is FUD probably because I do not see things that will going to happen especially nowadays that market situation for cryptocurrency is really that bad. I can't seem to understand people always talk about bounce back but it does not really happening instead the market still falls down. Hopefully it will not going to end for many are still enjoying and just want to continue doing trading with cryptocurrency.

Do you know what FUD means? Fear, uncertainty and doubt if you have not known so far. Your problem or disadvantage is that as many others looking at things in a very short-term. Today's situation is maybe bad in your eyes, but it proves that you have never looked at history of BTC which is start with 0 and today's value is over 4000$.

The fact is that many people are enter in crypto last year because of FOMO (Fear of missing out), and they are disappointed just like you. If you do not have faith in something, then it is best to leave it aside.

In the meantime, look at this chart.