Tim Draper Allured to The Indian Crypto Market ; Looking to Invest

Zain  |  Mar 23, 2020

Tim Draper, a billionaire and a big-time Bitcoin proponent who bought thousands of bitcoin from the silk road auction of 2014, done by the federal bureau of investigation, is eyeing India as his next possible destination for investment.

Tweeting on March 22, Tim Draper noted that the recent reversal of the ban imposed on the cryptocurrencies in India by the Supreme Court could lead to a revolution or a renaissance in the cryptocurrency sector of the country, which was hit hard a few years ago.

In an interview with Inc42, on March 21, the venture capitalist revealed that he got in touch lately with multiple bitcoin and crypto startups, on his recent trip to India, adding that he finds them an interesting prospect and one he is enticed to invest in.

Time draper also insisted that the timings of the decision are impeccable, stating that the woeful state of the current financial system will highlight the importance of digital assets.

"The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis."

In future, Draper expects that these turbulent times will help people explore the idea about how bitcoin is a better way to spend money than the current banking system which appears outdated.

Tim Draper Not Alone

However, Draper is not the only one drooling at the prospect of investing in India, as many other firms are trying to gain a foothold in the Indian crypto industry. On March 16, Binance and WazirX announced a $50 million fund for India's blockchain development.

Coinbase also chipped in with $1.3 million funds to enhance adoption and awareness for the Indian crypto community on March 12. Prominent exchanges like Kraken and Kucoin, have also expressed a desire to end the Indian industry.

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