Legendary venture capitalist and bitcoin bull Tim Draper, who along with many other innovative technology companies had invested early in Skype, Tesla and Twitter, is now looking at crypto companies in India.
The Supreme Court of India ruled earlier this month to lift the ban on banking against cryptocurrency exchanges and companies that offer crypto-related services. Draper tells Inc42 The verdict came just in time.
"The Supreme Court of India and the Indian government have shown that the best ideas will eventually prevail, just in time, as the benefits of Bitcoin and crypto over current systems become apparent in this crisis."
Draper hopes to fund Bitcoin venture capitalists in India based on the recent ruling.
"I met several Bitcoin and Crypto startups in India last week. I hope to be able to finance some of them. "
So far, however, Bitcoin and Crypto overall have not shown immunity to the international pandemic. When the outbreak of the coronavirus broke out worldwide, the price of Bitcoin dropped from nearly $ 8,000 on March 11 to about $ 4,100 the following day CoinMarketCap. While the leading cryptocurrency rose to $ 5,940 at the time of writing, it has still dropped from its 90-day high of $ 10,457.
Draper, who stands by his prediction that Bitcoin will reach $ 250,000 by 2022 or 2023, attributes the recent slump to panic sales among institutional investors, which forced Crypto to reflect the stock market and used miners to sell. However, since the plunge, some long-term investors have taken the opportunity to grab BTC at low cost, the venture capitalist explains.
"In the long term, I think this crisis will allow people to see that Bitcoin is simply a better way to hold value and spend money than through our current banking system."
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