Tim Draper, the billionaire venture capitalist and active cryptocurrency enthusiast, is once again telling investors to look to Bitcoin. Draper is telling investors he has no intention on selling his Bitcoin any time soon.
Billionaire venture capitalist Tim Draper is still very enthusiastic about Bitcoin and he has revised his previous estimates. Draper feels that we should see Bitcoin hit a quarter million dollars (US) and gain a $10 trillion dollar market cap by 2022.
“I have no interest in selling my Bitcoin,” Draper said in an interview with The Street on June 12th. “What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term. I’ll use it, spend it, invest it, or just keep it.”
Draper was asked about all the recent talks with governments wanting to regulate cryptocurrency and if it was a good thing. He said that all government agencies need to be thoughtful about their actions and they need to be made clear. He also feels governments are essentially in competition for us, and that it’s best for them to create “clear and light-touch regulations for crypto.”.
“Cryptocurrencies are the next big technological tectonic shift and governments have to weigh their need to protect investors with their need to be included in this potential economic powerhouse that is crypto.” Draper said. “I believe cryptocurrencies will overtake fiat currencies in the next five to seven years.”