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Tim Draper predicted the Bitcoin price for the next year and a half
According to Draper, he first bought Bitcoin at a price of around $4.
Together with former partner Peter Viscenne (Peter Viscenne), they decided to get into mining by ordering specialized chips from Butterfly Labs.
However, the entrepreneur claims that instead of shipping the chips, the company initially used the equipment for its own mining operations.
When Viscenne finally received the equipment, Bitcoin was already worth more than $30, after which they started mining.
Draper lamented that all mined assets were lost due to the MtGox cryptocurrency exchange collapse.
According to him, the exchange’s failure, surprisingly, did not affect the Bitcoin rate — it proved to be quite resilient.
By that time, the cryptocurrency was already being used for transfers and payments, including in conditions of limited access to banking services, the businessman emphasized.
In 2014, Draper participated in an auction organized by the U.S. Marshals Service (USMS), where he bought Bitcoins confiscated from the dark web platform Silk Road, at a price of $632 per coin.
After that, Draper appeared on Fox Business, where he stated that the Bitcoin rate would rise to $10 000 within three years.
This forecast was subsequently realized.
Founder of Draper Associates acknowledged that not all his subsequent estimates were accurate, but under current conditions, he expects the first cryptocurrency to grow to $250 000 within the next 18 months.
He believes that inflation and declining trust in the US dollar will contribute to this.
Earlier, Draper stated that Bitcoin could become the dominant form of money, as businesses will use cryptocurrency for everyday transactions due to decreasing trust in traditional money.