Bitcoin prophet Tim Draper delivers his investment rules and vision for the future through cryptocurrencies.
Tim Draper is a billionaire like there are many in the world today. The man is a big supporter of bitcoin (BTC), a crypto that he believes is transforming the world. Proud of his successes, well aware of his failures, he now makes his investment rules clear. When Tim Draper speaks, crypto fans listen.
Bitcoin prophet Tim Draper shares his investment rules
Tim Draper has experienced failures, he claims loud and clear, including in the company Theranos, but his intuition has allowed him to invest in companies like Tesla, SpaceX, Coinbase or Ledger. Heavy stuff, very heavy stuff. And if you’re looking for some golden rules for investing, he says that successful companies usually have a single leader and a team that trusts him. Successful ventures, meanwhile, are often in a market that is not overly restricted or regulated, and often defy industry norms. The third and final rule is that the level of funding needed for a project to succeed is an amount that developers may not be aware of at the outset: “It’s better to plan for a long runway when it comes to seeking funding, rather than running out halfway through.”
For Tim Draper, it’s more important to focus on the positive impacts of the project if it succeeds than on the potential problems: “The other investors [at Draper Associates] are wondering what can go wrong. I’m wondering what can go wrong if it works. And if it works and something really extraordinary happens to humanity and society – then maybe it’s worth a shot.”
And his vision for the future through cryptocurrencies
And at this little game, Tim Draper has a good nose. In 2014, he had won nine batches corresponding to a total of 29,656 BTC seized by the US marshals. At the time, one bitcoin was worth $640. According to him, by the end of 2022 or early 2023, one bitcoin could be worth $250,000. An outright success story. While Tim Draper has been a long-time supporter of Bitcoin, it still seems to be intact today: “I would dearly adore to run a Bitcoin-only venture investment fund. I would invest in bitcoin, the firm would be paying its employees using bitcoin, its suppliers using bitcoin, and the whole thing would be a closed loop on the blockchain managed by smart contracts.” Needless to say, for him, the legalization of bitcoin in some countries, especially in Latin America, is a very good thing.
However, beyond bitcoin, it is the whole family of digital assets that fascinates the billionaire, including the most controversial central bank digital currencies (CBDC). There is no doubt that the future is coming: “Would I trade my euro for a drachma or a French franc? Not at all. I’m looking forward to the day when I can buy my food, my clothes and my home with bitcoins. And when I can do that, why on earth would I keep dollars?” And with that, it’s the borders themselves that could fall: “I hope my grandchildren will one day ask me what a border is and when I explain it to them, they’ll say – that’s just stupid, Grandpa.” Time will tell if Tim Draper is right!