Tim Draper, renowned entrepreneur and investor known for his early involvement in Tesla and Skype, reaffirmed his bullish stance on Bitcoin at the Financial Times Digital Assets Summit. During the event, Draper reiterated his long-held conviction, stating, “I continue to buy Bitcoin.” This follows his historic purchase of 29,656 Bitcoins seized from the infamous Silk Road operation in 2014 for an average price of $640 per coin. Draper believes these assets offer liquidity and protection against inflation, particularly advantageous for developing economies.
Draper challenged businesses to incorporate Bitcoin into their portfolios, stating it’s “irresponsible” not to do so. He emphasizes that Bitcoin should be considered alongside traditional investments like cash and bonds, arguing that companies that neglect Bitcoin exposure are not prioritizing shareholder welfare. Draper asserts that Bitcoin is a strategic asset with the potential to significantly enhance company value in the long term.
*This is not investment advice.*