Tim Draper seeks to 'DeFi' the venture capital business with Bitcoin

Published on by Cointele | Published on

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Two years ago, venture capitalist and noted Bitcoin investor Tim Draper publicly stated that Bitcoin will hit $250,000 by 2022.

As Bitcoin continues to gain interest from investors, Draper revealed to Cointelegraph during an interview that a $250,000 price prediction may have been conservative: "I think it'll certainly hit that. But a lot of people are thinking that $250,000 was a little too conservative."

"Well, wait, where do I put my money? Do I put it into gold, or do I put it into Bitcoin where it's a great store of value?" A lot of people have said they want to move their money into Bitcoin.

People have been sitting on their Bitcoin or their other cryptocurrencies just watching as they appreciate in value instead of having that money being put to use.

I ultimately want to "DeFi" the venture capital business, where I raise a fund just in Bitcoin, I invest it just in Bitcoin, and the entrepreneurs pay their employees and suppliers all in Bitcoin.

My relationship with the entrepreneur and my relationship with my investors can all be on a smart contract, so that if there's a big winner, it can all be distributed into many different Bitcoin wallets.

We are now seeing the early DeFi use cases, but longer term, all the accounting, the taxes, the whole thing will be done using Bitcoin.

TD: Yes, Bitcoin will hit $250,000 by 2022 or the beginning of 2023.

It's really interesting that there used to be one in 15 Bitcoin wallets that women held, and now it's advancing.

I moved as much of my money as I felt fair into Bitcoin.