Tim Draper Remains Bullish About Bitcoin As His $18 Million Investment Hangs In The Balance

Tim Draper is one of the most popular cryptocurrency investors in the world. He is in the same category as people like Mike Novogratz and the Winklevoss twins. These people started investing in cryptocurrencies early on and they’ve invested a significant amount of money in the industry over time. Even as the cryptocurrency market suffers a decline, Draper remains bullish about the nascent industry.

Draper Talks About Digital Currencies

During the 10th anniversary of Bitcoin, Draper was featured in an op-ed piece on CoinDesk. He said that he developed interest in digital assets about 15 years ago. However, he didn’t see any viable option for investment until 2011 when Peter Vincennes introduced him to Bitcoin. Draper bought the idea almost immediately buying $250, 000 worth of bitcoin from Mt.Gox. While Draper was happy with his investment, Mt.Gox eventually collapsed along with his investment.

Bitcoin (BTC) Price Today – BTC / USD
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After sometime, Draper had another opportunity to buy cryptocurrencies. The United States Marshall office auctioned about 30,000 BTC and Draper purchased 29,656 at $632 per piece. This was $14 above the rate on regular exchanges so the total investment was $18.74 million in BTC.

How Much Is Draper’s 18.74 Million Now Worth In USD

Ever since Draper made this investment in Bitcoin, he started publicly declaring his optimism in the industry. His bullish attitude towards the industry was totally understandable because of the investment he had poured in. In fact, many others in the industry believe that Draper’s positivity about BTC is a good sign for the industry.
During the Bitcoin bull market of 2017, many were expecting Draper to cash out but the investor didn’t. This was considered as irresponsible by some other leading investors. However, Draper is doing fine financially.

Even if the price of BTC has fallen significantly from its all-time-high, it is still much higher than it was when Draper invested in it. At the current rate and with sufficient liquidity, Draper will still be able to cash out $107 million from his $18 million stack. The fact that he is not ready to sell his cryptocurrencies means that he is bullish about the future of the industry and expecting higher highs.

Right now, Draper has become an emotional, not rational, Bitcoin investor. He still insists that Bitcoin has great potential and may become a globally accepted store of value. With mainstream adoption, it will become the number one decentralized, frictionless, digital cash. Other aspects of blockchain technology will play critical roles in society. Draper said that blockchain technology is incorruptible, honest, fair and secure.

Bitcoin (BTC) Price Analysis

Bitcoin has been struggling in red for some days now. At the time of writing, the first largest cryptocurrency per market capitalization was correcting lower toward the predicted $3000 bottom. It was trading at $3,668.43. This shows that it is down by 0.54% against the USD with a trading volume of $4,520,649,720 and a market capitalization of $64,120,092,885. The next few days of trading will determine if the price action will change or not.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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