Silicon Valley legend, Timothy Cook Draper is an American venture capital investor. He founded Draper Fisher Jurvetson, Draper Associates and Draper University.
ICO – Initial Coin Offerings
Recently, Draper has been supportive of a new way of investing in start-up businesses, ICO or Initial Coin Offerings. The project teams behind ICO’s gain funds from the public by means of token sales vs from venture capitalists in the traditional way.
Draper invested in the Tezos ICO and subsequently, there have been rumors of an investigation into the company by the U.S. Securities and Exchange Commission. Tezos has also been hit with class action lawsuits alleging securities fraud.
Tim Draper defended his position to Cointelegraph:
“There was nothing secretive about our purchase of Tezos. We invested for ownership in the company, which at the time was two bright young people and an idea. The sale might not have happened at all! We also participated in the Pre-sale. Most ICO founders earn tokens over time. All tokens we hope to receive that we didn’t buy in the Pre-sale (alongside with all the other investors who participated) will vest over time with the founders’ tokens. I have no intention of selling these tokens because I am a true believer in the Tezos mission: to build a Blockchain on proof of stake and open it up for developers to build and invent on a new and more relevant platform.”
Draper is no stranger to Bitcoin. He is known for his purchase of almost 30,000 Bitcoins from a US Marshals Service auction of seized Bitcoins from the Silk Road website in 2014. At the current Bitcoin prices of just over $8100, these coins are now worth over $240,000,000. Tim Draper expects this value to grow even more and believes that in five years Bitcoin and other cryptocurrencies will be the primary means of payment.
Draper is bullish on the Bitcoin price, very bullish indeed. He predicts Bitcoin will reach $250,000 by 2022 when his 30,000 Bitcoins will be valued at $7,500 000 000 if the prediction is on point – not a bad ROI – Return on Investment. His recent tweets on the prediction below:-
Songwriter and singer?
HODL (Hold on for dear life) – Draper has said he is holding onto his Bitcoin and considering his latest prediction, no wonder Tim Draper wants to write and sing about Bitcoin – The Bitcoin Hustle, written and performed by Tim Draper with Kelly James
Watch Tim Draper, Silicon Valley legend, on the future of Bitcoin and Blockchain
Follow Tim Draper on Twitter – https://twitter.com/TimDraper
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