Billionaire Entrepreneur Tim Draper Shares His Latest Take on Bitcoin
Famous entrepreneur and investor Tim Draper once again shared his confidence in Bitcoin in his statements at the Financial Times Digital Assets Summit event.
Draper, an early investor in Tesla and Skype, reiterated his optimistic stance on the cryptocurrency market, saying in an interview, “I continue to buy Bitcoin.”
Draper purchased 29,656 Bitcoins for approximately $19 million at an auction held by the U.S. Marshals Service in July 2014. These Bitcoins were seized by the government as part of Operation Silk Road. Draper, who is known for making this purchase for an average of $640, has since argued that Bitcoin can provide liquidity and protection against inflation, especially for emerging markets.
Speaking at the event, Draper said that it is now “irresponsible” for companies not to invest in Bitcoin. Arguing that institutional portfolios should not be limited to cash and similar assets, Draper said that Bitcoin should also be among these assets. According to the billionaire, companies that do not own Bitcoin are not sufficiently looking out for the interests of their shareholders.
Tim Draper calls on the business world to take action in this regard, arguing that Bitcoin is a strategic asset that can increase company value in the long run.
*This is not investment advice.
