Investor says Bitcoin will be bigger than all three companies combined
An early investor in Tesla, Skype, and Hotmail says Bitcoin will be bigger than all three combined.
Venture capitalist Tim Draper says Bitcoin will soon hit $250,000 each adding:
“This is bigger than the internet.”
Not only does the major investor think Bitcoin is here to stay, but he also says it’s the most significant technological advancement in modern history.
During a debate, Draper was asked how the digital currency compared to his early investments in Tesla, Hotmail, and Skype.
Mr. Draper responded saying that Bitcoin would be “bigger than all of those combined.”
Speaking at Intelligence Squared U.S. debate on Saturday, Draper declared:
“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.”
Bigger than Jesus?
The founder of leading venture capital firms Draper Associates and DFJ, reiterated his prediction for bitcoin to hit $250,000.
The early internet investor says it will reach this value within four years, elaborating on use cases, saying:
“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.”
In 2014, Draper purchased 30,000 Bitcoin during a U.S. Marshals Service auction.
In December, he told CNBC he was still holding all those coins.
At current values, this would put Drapers Bitcoin holdings at around $268 million worth.
Debating alongside Draper, Patrick Byrne, CEO of Overstock.com was in agreement with the investor, adding:
“This has been hacked at more than anything in history and has never been defeated.
“Last I checked, banks get hacked too.
“And yeah, Bitcoin is used by unsavory characters.
“Last I checked, they used U.S. dollars too.”
Byrne is reorganizing Overstock’s retail business to focus Bitcoin’s underlying blockchain technology.
There are more than 1,500 cryptocurrencies in existence according to CoinMarketCap.
Draper says, however, says Bitcoin’s “enormous” lead will likely win the “long-term crypto battle” due to its market share.
Bitcoin currently dominates about 38 percent of the global market capitalization, at the time of press.
Ethereum is the second largest, making up roughly 16 percent of the global market cap.
Ripple comes in third with roughly 8.5 percent.