Legendary venture capitalist and Bitcoin bull Tim Draper, who was an early investor in Skype, Tesla and Twitter, among many other innovative tech companies, now has his eye on crypto firms in India.
The Supreme Court of India ruled earlier this month to lift the banking ban against cryptocurrency exchanges and companies offering crypto-related services. Draper tells Inc42 the ruling came just in time.
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”
Draper says he hopes to fund Bitcoin venture capitalists in India due to the recent ruling.
“I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
So far, however, Bitcoin and crypto overall have not displayed any immunity to the international pandemic. As the coronavirus outbreak erupted across the globe, Bitcoin’s price plummeted from nearly $8,000 on March 11th to about $4,100 the following day, according to data compiled by CoinMarketCap. While the leading cryptocurrency has rebounded to $5,940, at time of writing, it’s still down from its 90-day high of $10,457.
Draper, who stands by his prediction that Bitcoin will hit $250,000 by 2022 or 2023, attributes the recent plunge to panic selling among institutional investors, which forced crypto to mirror the stock market and leveraged miners to sell. Since the nosedive, however, some long-term investors have used the opportunity to snag BTC at a low cost, the venture capitalist explains.
“Long term, I think this crisis will allow people to recognize that Bitcoin is simply a better way to hold value and spend money than through our current banking system.”