There’s no reason why Bitcoin won’t go up 30X from here, says legendary investor Tim Draper
2024-11-19

Timothy ‘Tim’ Draper, the legendary Silicon Valley investor and crypto enthusiast, said that Bitcoin is still “cheap” even as it crossed record $90,000 level last week. He sees more room for growth and predicts the token as the currency of the future.
“Bitcoin is going to be the currency of the future. I don't know if it's five years from now, 10 years from now, when it's going to be so. But there will be a moment in time when you can buy your food, your clothing, your shelter, all in Bitcoin. Pay your taxes in Bitcoin. One day you would say, 'Why do I want government currency in my wallet?... I think I'll just go with Bitcoin.' When that moment happens, there'll be runs on the banks,” the founder and managing partner of Draper Associates told Moneycontrol during his recent tour to India.
Draper is travelling across six cities in the country to shoot the latest season of his popular startup pitching show ‘Meet the Drapers’ in partnership with TiE Mumbai.
As an early believer of crypto, he has been investing in it for over a decade now. Back in 2014, he was even the sole winner of an auction bidding for 30,000 Bitcoins organised by the US Marshals Service.
Till date, he has invested in over 50 crypto companies, and led investments in Coinbase, Ledger, Tezos, and Bancor, among others. Draper is also an early investor in tech companies like Tesla, SpaceX, Hotmail, Baidu and Robinhood.
Bitcoin and other crypto tokens are in a rally for the past couple of months since the speculations of pro-crypto US presidential candidate Donald Trump winning the elections gathered strength. Once Trump came into power a few weeks back, the prices of Bitcoin zoomed to record highs, and the rally continued.
“When Bitcoin really becomes the dominant currency of the world, who's going to want a government currency? Then the stablecoins are interesting, but they're tied to the government currency… There's gravitation towards Bitcoin. I would buy it at these levels because Bitcoin's worth $2 trillion or something? But the global currency economy is $100-plus trillion. So there's no reason Bitcoin doesn't go up about 30 times from here,” he said.
He predicted that this bullishness around Bitcoin will also drive creativity among crypto entrepreneurs in the US. “These things that all the entrepreneurs were trying to do, and then they realised they had to geofence the US, cutting the US customer out of it. Now they'll be able to do it again. And I think that's great.”
Crypto has been having a banner year globally in 2024, first with the US SEC approving Bitcoin Exchange-Traded Funds (ETFs), followed by the Bitcoin halving event and a price rally.Read the full interview: China will flatline, India to cross China pretty quickly: Legendary investor Tim Draper on Trump, Elon Musk, Bitcoin