Renowned billionaire venture capitalist Tim Draper has revealed how he came out of the stock market six months ago to switch his holdings to Bitcoin and cryptocurrencies.
After describing the stock markets as “lofty”, Draper stated that Bitcoin had become a safe haven amidst global market turmoil from the coronavirus outbreak.
When asked how much of his net worth was in Bitcoin, Draper replied: “I don’t disclose that kind of information, but a lot of it.”
I don't normally give investment advice, but this is worth watching today. https://t.co/BRLO03Dndk
— Tim Draper (@TimDraper) February 24, 2020
Berkshire Hathaway CEO Warren Buffett recently detailed how he would never invest in cryptocurrencies as they aren’t based on anything, an opinion that Draper describes as “hilarious”.
“That’s hilarious,” he added. “Fifty percent of his holdings are banks and insurance companies. They are not going to do well in this new decentralised economy. Of course he’s not going to like it, he sees a huge threat to his holdings.
“I wouldn’t hold a bank or insurance company now even if you paid me. They are not in good shape.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.