Venture capitalist Tim Draper says Bitcoin (TIKER: BTC.EXANTE) will be bigger than his early investments Tesla (TIKER: TSLA.NASDAQ), Hotmail, and Skype combined.
The founder and managing director of venture capital firms Draper Associates and DFJ declared at the Intelligence Squared US debate in New York that “Bitcoin is bigger than the Internet.”
"It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution," Draper added.
"This affects the entire world and it's going to be affected in a faster and more prevalent way than you ever imagined," he continued.
Draper reiterated his earlier forecast for Bitcoin to hit $250,000 within four years.
"In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you're not using crypto. I believe that there will be a point at which you will no longer really want any of the fiat currency," he said.
In 2014, Draper made headlines after buying 30,000 Bitcoins for $600 apiece worth a total of $18.5 million at an auction by the U.S. Marshals Service.
Previously, the serial Bitcoin holder had correctly called the rise to $10,000 in 2017 – a full three years beforehand, when Bitcoin prices hovered around $300.
By Siranush Ghazanchyan