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GoldSeek Radio Nugget: Tim Draper and Chris Waltzek

GOLDSEEK RADIO
By: Chris Waltzek, GoldSeek.com Radio

 -- Published: Thursday, 10 May 2018 | Print  | Disqus 

Highlights

  • Tim Draper, Silicon Valley V.C. legend, author of How to be The Startup Hero, founder of Draper University and Bitcoin expert makes his show debut.
  • In only 5 years, Draper University has set a new standard in education, with several success stories including one graduate who created a billion dollar crypto-token company.
  • Our guest had the foresight to purchase 30,000 Bitcoins in 2014 from the U.S. Marshals Service auction at around $500 each.
  • He subsequently forecasted $10,000 BTC in 2017, which came to pass on the exact date of the prediction.
  • Tim Draper expects the $86 trillion global currency market to be eclipsed by Bitcoin / altcoins, which implies at least a 240x-500x price increase from current levels.
  • His latest prediction last month of $250,000 Bitcoin by 2022, the host calls "The Draper Effect" set the floor on the $6,600 price, sending Bitcoin higher by 50% in a few weeks.
  • He joins the growing list of leading financial gurus expecting $1 million Bitcoin, adding that BTC could climb into the millions per coin.
  • Tim Draper notes a few of the key uniquely desirable quality of BTC, including: A store of wealth, ease of transfer across borders, safety relative to traditional banking, eliminates bureaucracy, frictionless transactions.
  • Governments will compete for their citizens sovereign choices, easy accessibility for the unbanked masses around the globe as well as a parallel monetary system.
  • Tim Draper notes the brain drain of talent and of wealth from regions with draconian legislation towards cryptos vs. crypto favorable areas, such as Crypto-Rico.
  • Puerto Rico offers entrepreneurs a virtual tax safe haven, sending billions to the tiny state where officials hope fresh capital injections will help rebuild the devastated infrastructure.
  • While Japan has wisely adopted Bitcoin as legal tender, bringing considerable affluence to the land of the rising sun, other nations have struggled to accept the decentralized blockchain.
  • While JP Morgan and related traditional firms first rejected Bitcoin, they are now scrambling to catch up with their competitors, such as Goldman Sachs Amazon and IBM.
  • Economists / policymakers and investors who attempt to dig in their heels and resist the inevitable pull of the crypto-revoluation are doomed to mediocrity, while those who follow Darwin's dogma closely to adapt to the new trend improve their odds of success.

Tim Draper, Silicon Valley V.C. legend, author of How to be The Startup Hero, founder of Draper University and Bitcoin expert makes his show debut. In only 5 years, Draper University has set a new standard in education, with several success stories including one graduate who created a billion dollar crypto-token company and another who sold a cancer treatment company for $250 million. Our guest had the foresight to purchase 30,000 Bitcoins in 2014 from the U.S. Marshals Service auction at around $500 each; he subsequently forecasted $10,000 BTC in 2017, which came to pass on the exact date of the prediction. Tim Draper expects the $86 trillion global currency market to be eclipsed by Bitcoin / altcoins, which implies at least a 240x-500x price increase from current levels. Case in point, his latest prediction last month of $250,000 Bitcoin by 2022, the host calls "The Draper Effect" set the floor on the $6,600 price, sending Bitcoin higher by 50% in a few weeks. Furthermore, he joins the growing list of leading financial gurus expecting $1 million Bitcoin, adding that BTC could climb into the millions per coin. Tim Draper notes a few of the key uniquely desirable quality of BTC, including: A store of wealth, ease of transfer across borders, safety relative to traditional banking, eliminates bureaucracy, frictionless transactions, governments will compete for their citizens sovereign choices, easy accessibility for the unbanked masses around the globe as well as a parallel monetary system in the event of a Venezuela style currency crisis / geopolitical instability. Tim Draper notes the brain drain of talent and of wealth from regions with draconian legislation towards cryptos vs. crypto favorable areas, such as Crypto-Rico (Puerto Rico) that offers blockchain enthusiasts / entrepreneurs a virtual tax safe haven, sending billions to the tiny state where officials hope fresh capital injections will help rebuild the devastated infrastructure in the wake of last year's harrowing encounter with a Category 5 hurricane that left much of the island powerless. In similar fashion, while Japan has wisely adopted Bitcoin as legal tender, bringing considerable affluence to the land of the rising sun, other nations have struggled to accept the decentralized blockchain concept amid a regime built on a highly centralized model. While JP Morgan and related traditional firms first rejected Bitcoin, they are now scrambling to catch up with their competitors, such as Goldman Sachs Amazon and IBM, which reportedly have plans for cryptocurrency use cases. It may be safe to infer from the dialogue, that economists / policymakers and investors who attempt to dig in their heels and resist the inevitable pull of the crypto-revolution (similar to the early resistance to email and the Web circa 2000) are doomed to mediocrity, while those who follow Darwin's dogma closely and adapt best to the new trend improve their odds of success.

Figure 1.1. Tim Draper: Bitcoin - The Greatest Technological Revolution

Note. Video provided courtesy of Youtube.com.

 


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 -- Published: Thursday, 10 May 2018 | E-Mail  | Print  | Source: GoldSeek.com

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