Will Bitcoin reach the price of US $ 250 thousand per BTC in the future? Many doubted, but not a few were sure. One of the most influential among them was Timothy Cook "Tim" Draper, a US venture capital investor and founder of venture capital firm Draper Fisher Jurvetson (DFJ). Draper gives this prediction because he believes Bitcoin will become more popular and used, the easier it will be for people to access the Crypto King. This is a piece of the figure of the Draper Team who likes to tie Bitcoin in front of the camera and at various conferences.
The man who was born on June 11, 1958, is known as one of the most successful venture capitalists in the world, as well as a very influential figure in the United States Silicon Valley environment. With a Bachelor of Electrical Engineering from Stanford University and an MBA from Harvard Business School, Draper started his venture capital venture in 1985.
Peter Vincennes from Coinlab in 2011, who explained about the crypto asset to Draper. Draper was immediately attracted and asked Vincennes to buy Bitcoin worth US $ 250,000 for Draper on the MtGox crypto exchange.
Unfortunately, it can't be denied, MtGox was hacked in early 2014 and Draper lost all of his thousands of Bitcoin deposits. However, he did not give up and decided to buy up all the Bitcoin auctioned off by the US Marshals Service, the result of the seizure of the Silk Road site. On 27 June 2014, Draper purchased 30,000 BTC from the auction, with an estimated value of around US $ 19 million at the time.
The man who wrote the book The Startup Hero dared to buy up Bitcoin in 2014 because he predicted the Bitcoin price would reach US $ 10 thousand in three years. History has proven that the price of Bitcoin broke US $ 10 thousand on November 29, 2017, not far from Draper's prediction.
According to Draper, who often appears wearing purple ties emblazoned with the Bitcoin logo, crypto assets are the most significant development in the history of human civilization. Although crypto assets are highly volatile, Bitcoin can be one of the safest ways to store wealth thanks to its effective, practical, and decentralized nature.
Draper believes Bitcoin and the crypto-asset market will grow rapidly and reach a market capitalization of US $ 80 trillion in the next decade. Blockchain and crypto today are similar to the Internet in its early days before spreading to all corners of the world.
The Harvard dropout explained that crypto assets will have a transformative impact on an industry that was previously difficult to change. The internet has succeeded in revolutionizing the industry with a valuation of US $ 10 billion to US $ 100 billion so that crypto-assets can be more powerful and transform multi-billion dollar industries such as finance, health care, insurance, banking, and even government.
Besides actively educating about crypto assets, Draper also founded Draper University in 2012 which aims to change the education industry. The university teaches entrepreneurship globally in a new way through hands-on training and an innovative curriculum.
Bitcoin (BTC) is a currency that is fancier than paper money that can “free people”, commented venture capitalist Tim Draper in an interview with The Bitcoin of Crypto Street. BTC frees people and is a cheaper and hassle-free way to send funds globally. Draper previewed various forms of currency in world history, from shells to gold. In the 21st century, currencies are based on trust in government, he said. But BTC is emerging as a currency that is not supported by any government and has possibilities for global payments. He also said:
“BTC also functions as a safe haven and is cheaper than bank transactions or credit cards. That frees us (from the government) because the government always uses that currency to control us ".
The Bitcoin network still makes up to 800,000 transactions per day, including “change” transfers. This is much lower than the VISA or MasterCard networks, although Draper claims that BTC may be faster. But Bitcoin's infrastructure also allows sending incredible amounts of money at very low fees and no geographic restrictions.
image source: https://twitter.com/TimDraper