Billionaire Tim Draper admits to moving stock portfolio to Bitcoin

Tim Draper has revealed the reason why he switched his stock market holdings towards Bitcoin by claiming that it will be the "currency of choice"

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.

“I’m still holding to my prediction. I think Bitcoin in 2022 or the beginning of 2023 will hit $250,000. I think the reason is that Bitcoin will be the currency of choice.” He told CNBC.

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.”

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.”

For more news, guides and cryptocurrency analysis, click here.

Related Articles