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Home / Business / Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?

Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?



If someone asked about fervent crypto-investors, who would come to mind? For most Bitcoin enthusiasts and investors, Mike Novogratz, Winklevoss Twins and Tim Draper would be the first to mention them. And also for good reason, since the aforementioned four have invested a great deal of time, money and mental capacity in the nascent world of blockchains.

Tim Draper, often dressed in a gray suit, white shirt and purple Bitcoin logo with studs, has recently divulged his story on the origin of the hero, if you want, leading to Coindesk.

Related reading: Tim Draper holds $ 250,000 Target Bitcoin Price, says Will be bigger than the Internet

Tim Draper ̵
1; A Fervent Crypto Bull

To celebrate the tenth birthday of Bitcoin, Tim Draper, the venture world-renowned American capitalist and forward-thinker, wrote a piece for the recent Coindesk series. Draper, whose investor son also believes that cryptocurrencies are also tempting, he noted that it was fifteen years ago when he saw the value in digital currencies.

However, a valuable digital medium did not appear in Draper's perspective until 2011, when Peter Vincennes, Coinlab's managing director, met with the investor to present it to Bitcoin. Vincennes and Draper got away almost immediately, demanding that the first purchases $ 250,000 of BTC on the mountain. Gox.

Draper was satisfied with his investment, keeping the coins on the now deceased exchange in a probable state of naivety. But of course, Mt. Gox has collapsed, with Draper losing thousands of BTCs, who never really had his digital hands.

Yet, later, Draper was offered the opportunity to purchase cryptocurrency again, when the US Marshall office auctioned some 30,000 BTCs. The entranced venture capitalist, who is still wavering from the Mount. The collapse of Gox, decided to participate in the auction, buying 29,656 coins for $ 632 each – $ 14 above the spot exchange rate. In total, he spent $ 18.74 million on Bitcoin.

And since that day, he has been overly optimistic about cryptocurrency and related technologies. This should not be a surprise, especially considering its particular interest. Regardless, many have seen its perpetual and seemingly imperishable support for this asset class as a positive sign.

Even during the 2017 market run-up, which sent Bitcoin to $ 20,000, it did not sell its stack for fiat. And while many common Joes chirp to Draper for this, claiming he is an irresponsible investor, the venture capitalist is doing well financially.

Bitcoin Perspective of Draper

At current rates, Draper would have remained unharmed if he had liquidated his Bitcoin store, as it would still be able to guarantee $ 107 million if sufficient liquidity / demand is present. However, Draper, apparently unwilling to sell his BTC, sees even higher levels for this sector in the future.

The zealot, now emotionally involved in this area, has noticed that there is still a "great potential" in Bitcoin. He noted that not only could BTC become a global, decentralized and frictionless repository of value and digital money, but blockchain could be implemented in some of the most important facets of the company. Summing up his points in a short and sweet joke, he wrote, "[blockchain] is honest, incorruptible, safe and just."

  Close-up image of Shutterstock 

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