Tim Draper is one of the investors and venture capitalist gurus who are always present on our DC Forecasts crypto news site, whether with their prediction or success stories. Today, we are unveiling Draper’s history with Bitcoin and the journey towards making $89 million from Bitcoin in less than five years.
In 2014, Tim Draper purchased 30,000 BTC from the US authorities in an auction, outbiding every investor by paying $632 per Bitcoin with a slight premium. The $18.96 million which he spent then is now worth $108 million – despite the 80% correction that the cryptocurrency experienced over the past year.
It is easy to see that investors like Draper have been in advantage when purchasing Bitcoin (BTC), mostly because of their net worth and millions ready on-hand. However, what’s most important is their enthusiasm towards the market and the psychology that they bring.
As Tim Draper once wrote in an op-ed:
“The long-term vision for bitcoin is to give the world economic emancipation. The potential if bitcoin is only limited by the imaginations of the entrepreneurs who work to drive this new virtual economy. To monitor and keep it honest, I believe that the community of users will ultimately self-regulate, possibly eclipsing or obviating the need for the various governments to regulate the crypto world. I’ve been through the ups and downs with bitcoin, and I am as certain as ever that the bitcoin revolution is coming.”
Because of this, Draper is not selling his Bitcoin and expects the market to rise, competing against gold and other types of safe-haven assets and eventually becoming a multi-trillion dollar asset.
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