Tim Draper: Incorrigible Optimist
Timothy Cook Draper is one of those people who were born with a silver spoon. He is the descendant of a wealthy Silicon Valley investors dynasty and one of the main investors in Tezos.
Tim Draper is 64 years old. His father, William Henry Draper III, was a longtime chairman of the US Export-Import Bank (EXIM), and his grandfather, William Henry Draper II, founded one of the first venture capital firms, Draper, Gaither & Anderson. Tim's great-grandfather, Henry Draper Jr., was one of the advisors at the New York Stock Exchange.
But Tim's daughter went against the tide: Jessica Draper is an actress and TV host. We can assume that the hopes of the family will now be focused on future grandchildren.
Draper's pre-digital background is similar to that of any major US venture capitalist:
- Stanford University
- Harvard Business School
- Bank career
- Third (and then second) partner at the venture firm
- Investments in technological projects.
Most likely, everything would’ve continued as usual, unless in 2014 Draper bought some auctioned BTC seized from the Silk Road founders.
Tim Draper and the digital future
Cryptocurrency in a personal wallet undoubtedly has a strange effect on even the most conservative financiers.
Already in 2015, Draper shocked his relatives and colleagues when he bet $400,000 that BTC would rise after a recent fall. This move was unprecedented for a dynasty of economists.
But Tim's bet won, and he got a really good ROI.
By the way, Draper has made hundreds of venture investments in companies such as Tesla, Apple, SpaceX, Twitch and Skype, but he earned most of his capital on cryptocurrencies.
Silicon Valley Living Legend Source: draperuniversity
Draper's wealth, based on investments, businesses, and financial assets, is about $1.5 billion. At the same time, a billion of that money came from successful investments in crypto projects: Tezos, Ledger, Robinhood, and Coinbase.
Draper is an optimist. In June 2022, he stated that cryptocurrencies would multiply their market cap tenfold by the end of 2023. And Bitcoin will cost about a quarter of a million dollars. Amid the recent events in the crypto markets, even the most notorious crypto enthusiasts are skeptical about such predictions. But Tim keeps true to his word and does not lose heart.
At the same time, it is very important to remember that all Tim's predictions are made with an eye on the money invested in the crypto business. He has a vested interest in fueling the hopes of the digital community for a bullish era. Therefore, experienced traders say:
If Draper predicts growth, then it's time to prepare buckets and buy the dip.
Tim Draper’s quotes
I grew up in the Silicon Valley when it was a bunch of apricot groves, and now it's this center of incredible activity. So I have this sense of what technology has done for this region, and I want to spread it to the world.
Government is the only industry in which we don't have a choice. If you live somewhere, you belong to that government. So we get bad service for high prices. This doesn't have to be.
Bitcoin will start being recognized as an inflation hedge,” he says. “I remember my Dad giving me $1,000,000 Confederate dollars. I said ‘How much is this worth?’ and he started laughing ... ‘it’s not worth anything’.
I invest in the future I want to see. I believe in decentralizing everything that can be decentralized. Bitcoin and blockchain offer the possibility of decentralization. Also, I support missionaries, not mercenaries. I support entrepreneurs who are so determined that it has become their reason for living.
