Tim Draper Quit Stocks To Focus On Bitcoin
Tim Draper, a veteran investor, has revealed that the majority of his portfolio is in Bitcoin after leaving from the stock markets six months ago.
On 24 February, according to some reports, the serial Bitcoin proponent and VC investor disclosed that since last year, he had remarkably added to his cryptocurrency holdings.
Tim Draper Suggests That Uber Drivers Were Day TradingWhen Draper was asked about his faith in Bitcoin, he responded that he had a lot of confidence on this cryptocurrency. Draper also conversed about his unique Bitcoin logo tie as stock markets is on the collapse all around the world due to the coronavirus outbreak.
Moving on, he established that he was not much affected by the crisis due to earlier concerns that stocks were very trivial. Draper added that Draper Associates, his VC firm, was still operating under the private markets. His other major cryptocurrency investment, Tezos (XTZ), has exceeded since the years' beginning.
Draper Denies Buffetts' Criticism On CryptoSeveral other statements were already known to Bitcoin supporters, including a price target of $250,000, which the investor now felt would come by about 2022.
Draper disagreed with remarks which were presented earlier on Monday by Warren Buffett, Berkshire Hathaway's chairman. He said that throughout that time, the condition of investments such as insurers and banks would drastically become worse.
In his recent diatribe against Bitcoin, Buffett claimed that cryptocurrencies lacked any value, and were unable to generate anything. He said:
"So one can look at his little ledger item for the next twenty years, and it cites you have got X of this digital currency or that — it doesn't deliver, it doesn't reproduce, it cannot mail you a check, it can't do anything. And what you expect is that someone else comes forward and gives you more money for it."
About The Author
Shailesh PanwarShailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.
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