Investor Tim Draper is Still Buying Bitcoin and Now Owns Ether

Two years after buying roughly 30,000 BTC, investor Tim Draper is still passionate about the technology as well as competing blockchain offerings.

AccessTimeIconJun 20, 2016 at 8:35 p.m. UTC
Updated Sep 14, 2021 at 1:59 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The recent rise in the price of bitcoin shows "people are coming around" to the digital currency, according to investor Tim Draper.

Long one of the ecosystem’s most active investors, Draper is perhaps best known for buying roughly 30,000 BTC as part of the first government auction of the digital currency held in 2014. In keeping with this view, Draper said has continued to buy bitcoin and that he now owns ether, the native cryptocurrency powering the ethereum blockchain.

Draper told CoinDesk:

"Bitcoin will continue to lead because it has become the standard, but ethereum and others will also have an effect on various verticals like smart contracts or bank transfers."

Two years later, Draper believes the recent increase in the price of bitcoin is due to the fact that more people are now believers in the system like him.

Of note is that with the price hovering above $700, the last few weeks have marked the first time that Draper’s bitcoin holdings would be worth more than he paid, should he have paid at or above market value for the purchase. (The exact buying price is still unknown).

As to how his thesis on the industry has changed during this time, Draper said that he believes bitcoin "will prevail" but that other blockchain systems will become widely used.

Despite a recent slowdown in the number of investments at his VC fund Draper Fisher Jurvetson, Draper said he is eager to invest in more companies, but that the quality of recent applicants has perhaps been lacking.

However, Draper indicated he believes this could soon change, concluding:

"A lot of the early companies were breakthroughs. We should have a new wave of them here soon."

Image via Draper University

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about