A remarkable interview here with venture capital investor Tim Draper who has always been a major bitcoin bull. Draper went on CNBC last night, reiterating his price prediction of $250,000 for 2022 or early 2023. He sees bitcoin to become the currency of choice. While not as easy to move around right now, people will be looking for a currency that’s frictionless, open, transparent, global and not tied to any political force. “At some point people will make that switch and bitcoin is gonna be the big winner.”
“I’m just a believer”
It seems obvious for the investor that longer term, we will move to things that are better.
“What merchant is going to want to pay that 2.5 to 4 percent to the banks and the credit card companies? I mean they are not gonna want to do that forever and at some point they gonna say, hey, this bitcoin, why don’t we accept bitcoin because we can now use OpenNode and the transaction happens instantly and it’s faster than a Visa network and we don’t have to pay these guys 2.5 to 4 percent. So this is kind of an interesting time.”
Draper went on explaining that the world will be much better off because of this decentralised movement, which is not just bitcoin, the decentralised currency, but a 'decentralised everything'.
“Some of the politicians are clinging to the past and clinging to their tribalism, but most of the best politicians are moving toward this new world that is global and open and transparent. I think it's gonna be a more beautiful, more loving and peaceful world, but you're gonna see a lot of tension on the way to getting to that world.”
The billionaire investor was then also asked for his take on Warren Buffett’s recent comment that cryptocurrencies had “basically no value”. Draper laughed it off. Buffett would keep half of his holdings in banks and insurance. “They are not be doing well in this decentralised economy, so of course, he’s not gonna like it.” He would not own a bank or insurance company right now, even if they paid him for it. “They are not in good shape, for the next 10 years things are gonna change very big.”
Draper disclosed that most of his money is now in crypto and bitcoin. According to Draper Associates’ website he’s invested in over 600 companies in 40 countries, among them heavy-weights like Coinbase, Ledger and Tezos. In Singapore, he’s an early backer of the crypto exchange Coinhako. Most recently, he acquired here the entrepreneur-focused hostel chain Tribe Theory.
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