Billionaire venture capitalist Tim Draper, a long-time supporter of Bitcoin, envisions a future where retailers exclusively accept bitcoin for transactions.
“There will come a time when all retailers announce ‘I accept bitcoin,’ followed by a stage where they declare ‘I only accept bitcoin,’” Draper mentioned during his appearance on Bloomberg Television.
Tim Draper’s commitment to bitcoin extends beyond mere words. In 2014, he made headlines by investing $19 million to acquire 30,000 bitcoins that were confiscated from the Silk Road marketplace.
Currently, those bitcoins are valued at approximately $3.5 billion. Draper has also supported prominent crypto companies like Coinbase and Robinhood Markets, solidifying his status as a key figure in the industry.
In his interview with Bloomberg, Draper recognized that for the time being, bitcoin is largely being held rather than spent—a trend driven by its steady value appreciation, making it a preferred store of value and a shield against inflation.
However, Draper anticipates a shift in this trend. He believes that retailers will eventually begin to embrace bitcoin as a main payment option.
Tim Draper’s New Fundraising Round
Draper is currently raising new capital for his venture capital firm, Draper Associates.
According to a Tuesday SEC filing, the firm has secured $200 million for its eighth fund, with its website indicating an imminent launch. Draper Associates manages $2 billion in assets, with a strong focus on crypto investments.
This new fund follows the nearly $124 million raised for Fund 7 in 2022.
The timing aligns with a significant crypto market surge, as the total cryptocurrency market recently exceeded $4 trillion for the first time, propelled by congressional legislation regulating stablecoins and Bitcoin rising beyond $120,000 in recent months.
Draper, 67, initiated his venture capital career in 1985 with a $6 million loan and quickly earned recognition for early investments in companies like Skype, Baidu, Tesla, SpaceX, and Robinhood.
Draper has predicted in the past that bitcoin could reach $250,000—a forecast that, while not yet realized, appears increasingly plausible as Bitcoin remains above $113,000.
