Bitcoin has been a part of billionaire Tim Draper’s investment portfolio for a while now. Draper had first gotten into bitcoin in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper had bought $250,000 worth of BTC, which he subsequently lost after the now-defunct Mt. Gox exchange crashed, where Draper had kept his coins. Despite this, the billionaire was not deterred. So when another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals, Draper took advantage of this opportunity. At the auction, Draper had bought 29,656 bitcoins at $632 apiece, which had totaled $18.74 since the coins were sold for $14 above the going rate on exchanges. Related Reading | Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1 The investor has never backed down from his belief in the future of cryptocurrencies, especially bitcoin. Even giving some very optimistic predictions regarding the price of the asset in the coming years. Draper Predicts Bitcoin At $250,000 By 2022 The first time the billionaire had made this prediction had been in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. But Draper never faltered on his prediction. The driving factor behind this prediction has been that the billionaire believes bitcoin will become an accepted mode of payment everywhere. Another...
