Tim Draper is a big-time venture capitalistand staunch Bitcoin believer with an estimated crypto net worth of between 350 and 500 milliondollars.
In 2014 he bought nearly 30 000 bitcoins foran estimated $29 million dollars.
According to his predictions, Bitcoin willbe worth $250 000 by 2022.
Following the recent market crash, we caughtup 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 arepeople trying to move the market and manipulate the currency and I'm sure there are bankersthat are loving it when things are going down for crypto because hey they control all yourfiat 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 greatopportunity for people to start becoming users of the currency of the future, the cryptocurrencies, 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'dsay “oh there must be a panic” and so then they'll all sell and then they sell moreand it goes down further and then the press says “it's a boom” oh it's a boom andit will all jump on and it'll end up being a bigger boom than it should.
I always lookat 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 forwardthinking you're going to look and say “look, we are all going to be using Bitcoin in thefuture”.
This is it's just better currency.
So it'sjust a matter of time before the world adopts the better currency.
And I think it'll be as soonas I can do everything with my Bitcoin that I can with my dollars.
And then everyone'sgoing to start looking at it and say, well wait, why do we even deal in dollars whenwe have Bitcoin? It's so much easier, there's less friction.
You don't pay the credit cardguys two and a half to four percent.
You're not tied to some central bank determininghow much money is out there in the system.
You don't know how much inflation is goingto take away.
I have a pretty good idea that the Bitcoinprice in 2022 or 2023 is going to be about two hundred fifty thousand dollars and that'llbe 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 currencyaround the world.
I think of institutions as penguins slowlywaddling over to the water.
And finally one of them gets pushed in and ifthat 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 doit 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 thinkthat the worst is coming.
But if they look back into history and they keep thinking thatthe worst keeps coming You go back 50 years.
Most of the world didn'thave indoor plumbing or electricity.
In 50 years a lot of great things have happenedmoving forward in 50 years.
If you're a pessimist you're not realistic.
The optimists are actuallythe ones who accurately predict the future because the best of these things happen.