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.”

Blockchain Programmer Runs Full Bitcoin Node on a Tesla

Michael LaVere
  • Blockchain programmer Bcoin was able to get a Tesla to operate a full bitcoin node.
  • Some Twitter users pointed out the risks involved in running a node on the electric vehicle. 

A bitcoin programmer recently used an electric Tesla car to run a full bitcoin node. 

Twitter user Bcoin has published a series of videos on Twitter showing a Tesla’s onboard computer system being used to operate a full bitcoin node. 

According to the video, Bcoin was able to get the electric car’s operating system to download bitcoin’s blockchain and run as a fully functional node. 

Bcoin represents a series of crypto projects that seek to find novel implementations for bitcoin node operation, such as downloading BTC’s blockchain onto a Tesla. 

However, some Twitter users were quick to point out the danger in running a node through an operating vehicle. 

Brandy Lee Comacho pointed out that the node could impact the Tesla’s user interface and cause long-term damage to the vehicle’s internal storage system. 

Other users were content with appreciating the novelty of Bcoin’s achievement. 

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