This Billionaire Is So Sure About the Future of Bitcoin That He Invested All His Money in It

When cryptocurrency Bitcoin appeared on the horizon, almost everyone was hesitant about investing in it. But now, it has started to gain a serious fan following, the most recent of which is Tim Draper, a billionaire venture capital investor.

Call him futuristic but Tim believes this will be the preferred currency soon, in fact, this is mirrored in his recent move: he pulled out his money from the stock market and put it into Bitcoin. The 61-year-old capitalist is a good believer that the cryptocurrency will hit $250,000 by 2022.

He found the stock market lofty and argued that Bitcoin has become the right choice in the midst of the current global crises, like the 2019 coronavirus that is wreaking havoc in every country. Tim’s prediction may be too early to confirm, but he seems to be confident about it.

Warren Buffett is not a fan of Bitcoin

The renowned investor didn’t disclose how much fortune he poured into Bitcoin but only shared that it was a lot. Meanwhile, Tim’s belief in cryptocurrencies is in stark contrast with Warren Buffett’s, Berkshire Hathaway CEO, who doesn’t see any potential in the concept of virtual money.

Tim found Warren’s opinion as hilarious, explaining that half of the 89-year-old’s valuables come from insurance companies and banks, which, he claimed, would not do well in that set-up.

The younger venture capitalist further said that he wouldn’t have any of the two companies even if you paid him because these aren’t in good shape.

What Is Bitcoin?

Bitcoin is a virtual currency

The Draper Fisher Jurvetson founder is, of course, making a daring prediction of what the future holds for Bitcoin, a virtual currency that’s so volatile some countries have banned it.

Others find it hard to believe that you can have online money that can be used to pay for goods and services – in short, it’s cash in the virtual space.

Gold coins used to depict Bitcoin may not be accurate

You wouldn’t be able to see physical money and according to the BBC, those gold coins oftentimes used to give us a picture of what a Bitcoin is, will be useless if it didn’t have codes inside them. Plus, not all stores and shops accept this kind of cash.

Every Bitcoin is stored in a virtual wallet as a computer file and just like online transfers, you can pay or send money to others and vice versa.

Your transactions will be recorded to a blockchain, a list that can be used to check the history of spending, thereby making it easier to catch a wrongdoer who may have gotten coins that weren’t his.