Tim Draper is convinced that the U.S. dollar is going to come crashing down which will, in turn, push people toward Bitcoin and other digital assets.
The U.S. Federal Reserve has already printed $9 trillion according to Draper, and this has undermined confidence in the dollar and because of this people are starting to look at Bitcoin as an asset that could return a greater yield in the coming years.
On Bitcoin, he commented:
‘There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.’
The serial investor and entrepreneur has famously made a bold prediction that Bitcoin will surpass the $250,000 mark by the end of 2020.
The Silicon Valley venture capitalist believes that this price point could become reality within six months of Bitcoin’s halving which happened in June this year.
His most prominent investments include Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring (company), Twitter, DocuSign, Coinbase, Robinhood (company), Ancestry.com, Twitch, Cruise Automation, and Focus Media.
In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized bitcoins from the Silk Roadmarketplace website. Draper is a major proponent of Bitcoinand decentralization.
On Sep. 23, 2014, Draper told Fox Business that he predicted that one bitcoin would reach $10,000 “in three years”
The price of a bitcoin crossed the $10,000 mark on November 29, 2017.