In 2014, his forecast of $10,000 BTC by 2017 came to pass ahed of the prediction.
Tim Draper expects the $86 trillion global currency market to be eclipsed by Bitcoin / altcoins, which implies a 240x-500x price increase from current levels.
His prediction last month of $250k Bitcoin by 2022, resulted in "The Draper Effect" set the floor on the $6,600 price, sending Bitcoin soaring by 50%.
He joins the chorus of leading financial gurus calling for $1 million Bitcoin, adding that BTC could climb into the millions per coin.
Key qualities of BTC: A store of wealth, ease of transfer, safety relative to traditional banking, less bureaucracy, and frictionless transactions.
Additional benefits: governments will compete for their citizens, digitally; easy accessibility for the unbanked masses as well as a parallel monetary system.
Tim Draper notes the brain drain of talent and of wealth from regions with draconian legislation towards crypto favorable areas, such as "Crypto-Rico."
Puerto Rico offers entrepreneurs a tax safe haven, funnelling wealth to the island where officials hope new capital will rebuild the devastated infrastructure.
While Japan wisely adopted Bitcoin as legal tender, bringing considerable affluence, other nations have struggled to accept the decentralized blockchain.
To paraphrase M. Gandhi: First they laugh at you, next they ignore you, then they attack you, and then you win.
Similarly, although JP Morgan and related institutions first rejected Bitcoin, FOMO is rampant on news that Goldman Sachs announced a BTC trading desk.
Economists / policymakers and investors who resist the inevitable pull of the crypto-revolution are doomed to mediocrity, while those who adapt to the new trend will improve their odds of success.
Tim Draper, legendary Silicon Valley venture capitalist founded Draper University in 2012 with a vision and belief that in order to change the world we have to change education. Draper University aims to teach entrepreneurship globally in an entirely new way. Through hands on training, an innovative curriculum and thought leadership Tim Draper brings together young entrepreneurs, startup founders, executives and investors all under one roof. Tim Draper has deep roots in entrepreneurship and venture capital with a rich background that started by founding Draper Associates in 1985. Tim is thrilled to be leading the charge to disrupt entrepreneurship education and is excited to have Draper University as the star of the show in the new ABCFamily series StartupU.
In 1964, I began my studies on gold and collectibles via my Uncle, who was a high-end antique dealer in New York. My father was a real estate developer in Kingston, New York. With his contacts in local commercial banking, I began my banking career at 15. I focused my college education on business finance, first at Fairleigh Dickenson University in Teaneck, New Jersey. After a semester in England at Wroxton College I transferred to the University of Arizona in Tucson. I remained in commercial banking until 1986 when I shifted to investment banking with Larson Lehman/American Express and became a stock broker. Initially I focused my attentions on the government bond market, learning the nuances of debt and interest rate moves on bond maturities. In that capacity, I stumbled across non-dollar denominated bonds and added the currency dimension. This led to the discovery of currency life cycle patterns and a deep understanding of the impact of those life cycles on all socioeconomic levels and asset classes. My mission is to translate financial noise into understandable language and enable educated, independent choices. All my work is fact and evidence based and I share these tools openly. I believe strongly that we need to be as independent as possible and at the same time, we need to come together in community to survive and thrive through the hyperinflation I see in the near future.
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