Bitcoin brought Tim Draper over $ 110 …

Bitcoin has brought Tim Draper over $ 110 million since 2014

Billionaire investor and famous venture capitalist Tim Draper, who has invested in such successful tech startups as Coinbase, Patreon, SpaceX, Tesla, Box, FourSquare, earned more than $ 110 million on investments in Bitcoin, which he made less than 3 years ago.

In 2014, Draper took part in a US government auction, which sold 144,336 BTC confiscated during the closure of the Silk Road site. Draper received permission to buy 30,000 BTC at $ 600 apiece.

Following the deal, he said to Fox Business, “I am delighted with Bitcoin and what it can do for the world. Bitcoin is bringing about an all-out transformation in finance and commerce, as the Internet has done with information and communication. If Bitcoin existed in 2008, it could provide stability to the global economy. Everyone should buy bitcoins. Any investor should be at least partially associated with bitcoin, because it is insurance against inflation of other currencies. Now a whole ecosystem is being created that will significantly simplify trade and make it safer. “.

Today, 30,000 bitcoins, bought by Draper in 2014, are worth $ 129.9 million.His initial investment was $ 19 million, that is, net income in less than 3 years exceeded $ 110 million.

If Draper kept his investments in bitcoin, then the US government was quick to get rid of 144,336 BTC confiscated from the Silk Road site. According to various sources, most of these bitcoins were sold at $ 336 per unit, which brought the government $ 48 million.If they sold these bitcoins in 2017, they could have received $ 573 million more, since at today’s exchange rate 144.336 BTC costs $ 624 , 9 million.

Bitcoin brought Tim Draper over $ 110 ...

In addition to buying bitcoins in 2014, Draper was involved in funding the most successful companies in the cryptocurrency space, including Coinbase and Korbit. Coinbase received a $ 100 million investment this year in a $ 1.6 billion valuation of the company, and a controlling stake in Korbit was sold for $ 140 million..

In addition, Draper is in no rush to sell his stake in Coinbase, and CEO Brian Armstrong says Coinbase is in its early stages. Coinbase is one of only two US exchanges with sufficient liquidity to deal with mutual funds and individual investors. Draper is confident that the development of Coinbase and its subsidiary GDAX will allow him to remain at the center of innovation in the cryptocurrency space.

Bitcoin brought Tim Draper over $ 110 ...

Similar articles