Tim Draper is a big-time venture capitalist
and staunch Bitcoin believer with an estimated crypto net worth of between 350 and 500 million
dollars. In 2014 he bought nearly 30 000 bitcoins for
an estimated $29 million dollars. According to his predictions, Bitcoin will
be worth $250 000 by 2022. Following the recent market crash, we caught
up with him and found he was as bullish as ever.
I’m looking at this as just a fluctuation that moves up and down. I’m sure there are
people trying to move the market and manipulate the currency and I’m sure there are bankers
that are loving it when things are going down for crypto because hey they control all your
fiat currency. But I I think that this is just a natural occurrence.
There is a lot of volatility when there’s a new player in the business, in any business.
And in this case it’s such an enormous market that I think any dips like this create a great
opportunity for people to start becoming users of the currency of the future, the crypto
currencies, not the ones that are tied to political forces.
If everybody is following the same press and the press says there’s a panic then they’d
say “oh there must be a panic” and so then they’ll all sell and then they sell more
and it goes down further and then the press says “it’s a boom” oh it’s a boom and
it will all jump on and it’ll end up being a bigger boom than it should. I always look
at a crisis like this as an opportunity. And that’s the way I’m looking at this one.
All the times are good times to enter the crypto market. If you are forward
thinking you’re going to look and say “look, we are all going to be using Bitcoin in the
future”. This is it’s just better currency. So it’s
just a matter of time before the world adopts the better currency. And I think it’ll be as soon
as I can do everything with my Bitcoin that I can with my dollars. And then everyone’s
going to start looking at it and say, well wait, why do we even deal in dollars when
we have Bitcoin? It’s so much easier, there’s less friction. You don’t pay the credit card
guys two and a half to four percent. You’re not tied to some central bank determining
how much money is out there in the system. You don’t know how much inflation is going
to take away. I have a pretty good idea that the Bitcoin
price in 2022 or 2023 is going to be about two hundred fifty thousand dollars and that’ll
be two things at work. One is that the dollar will decrease in value relative to crypto.
And the other is that Bitcoin will take a larger and larger market share of all currency
around the world. I think of institutions as penguins slowly
waddling over to the water. And finally one of them gets pushed in and if
that penguin isn’t eaten by a shark then they all jump in.
And I suspect that that will probably happen. But Institutions move very slowly and cautiously.
They’ll be the last people to adopt the new currency and they’ll only do
it if they can’t get their business done with existing currency.
If they’re pessimists they’re going to live as pessimists. They’re going to always think
that the worst is coming. But if they look back into history and they keep thinking that
the worst keeps coming You go back 50 years. Most of the world didn’t
have indoor plumbing or electricity. In 50 years a lot of great things have happened
moving forward in 50 years. If you’re a pessimist you’re not realistic. The optimists are actually
the ones who accurately predict the future because the best of these things happen