Billionaire Tim Draper: 'Bitcoin Will Be About a 5% Market Share of the Earth'

Francisco Memoria

Billionaire venture capitalist Tim Draper, who’s a well-known bitcoin bull, has recently claimed he believes bitcoin will “be a 5% market share of the earth,” predicting the flagship cryptocurrency will be one of the most valuable assets in existence.

Speaking to FOX Business’ Liz Claman during an interview on “Countdown to the Closing Bell,” from the SALT conference in Las Vegas, Draper noted he believes in four years the flagship cryptocurrency will be far more valuable than it is today as it’s a “better currency, decentralized, open, [and] transparent.”

I am a believer that in four years, something like that, bitcoin will be about a 5 percent market share of the earth

Draper, who has in the past predicted bitcoin will hit $250,000 by 2022, made his bullish prediction after being asked about the 30,000 bitcoins he won from the U.S. Marshals Service auction back in 2014, which had been seized from the now-defunct darknet marketplace The Silk Road.

At the time Draper won the auction, he paid $632 per coin, and the coins were worth a total of $19 million. At press time, one bitcoin is trading close to the $6,300 mark, meaning his 30,000 BTC – if he still has them – are worth nearly $190 million.

In 2014, Draper also predicted BTC would hit $10,000 “in three years.” The flagship cryptocurrency hit the $10,000 mark in November of 2017, and subsequently shot up to a near $20,000 all-time high before dropping to a $3,200 low in December of last year, according to CryptoCompare data.

During his recent interview with FOX Business’ Liz Claman, Draper noted he would eventually like to create a fund using bitcoin and blockchain technology, as it would help him eliminate costs associated with accounting and bookkeeping.

Draper has, last month, also revealed he believes bitcoin is a better store of value than gold, and predicted OpenNode, a multi-layered, Lightning Network-enabled payment processing platform will be widely adopted in the foreseeable future. Earlier, he argued bitcoin will create “much more fluid markets,” and that it’s the “currency of the future.”