Venture capitalist Tim Draper has made the bold claim that bitcoin will become bigger than Tesla, Skype, and Hotmail combined. During a debate, Tim Draper told how the digital currency compared to his early investments in Tesla, Hotmail and Skype, Tim Draper said bitcoin will be “bigger than all of those combined.”
The investor, who led investments in Skype, Tesla, Twitter, and SpaceX, is known to have purchased $30,000 worth of Bitcoin from the U.S. government in 2014.
Tim Draper said at Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society on Saturday.
“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.”
In early April, Tim Draper made a commented that Bitcoin price would touch least $250,000 by 2022.
“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.”
The opposition in Saturday’s debate, Financial Times Managing Editor Gillian Tett, highlighted nefarious uses for bitcoin, its volatility and risks to investors. Tim Draper responded that he is “more secure in my bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Tim 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. Currently, bitcoin is trading at over $8,900, with the cryptocurrency industry hitting a six-week high at $400 billion.
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