American venture capital investor Tim Draper recently explained how he and his family got into the world of cryptocurrencies.
According to Draper University’s website, Tim Draper is a leading supporter and spokesperson for entrepreneurs worldwide, renowned for his expertise in Bitcoin, Blockchain, ICOs, and cryptocurrencies, having won the Bitcoin US Marshall’s auction in 2014, invested in over 50 crypto companies, and led investments in Coinbase, Ledger, Tezos, and Bancor, among others. He also created viral marketing, which was instrumental in the successes of Hotmail and Skype.
Per a report by Cointelegraph published on 28 April 2023, in an interview for Cointelegraph’s YouTube series “Crypto Stories,” Tim Draper, the family patriarch, shared the fascinating tale of his family’s journey into the cryptoverse.
Tim’s curiosity was first piqued years ago by the concept of trading virtual goods for traditional money. He shared an anecdote about a Korean man who bought a virtual sword with fiat currency for his son’s birthday. This interaction sparked Draper’s interest in the concept of virtual stores of value and led him to speculate about a future where fiat currency would be used to buy ‘fiat’ goods.
When Bitcoin emerged in 2009, it aligned perfectly with what Draper envisioned, leading him to invest early in the game. “It was the universal currency, it was the currency for our entire earth,” he stated.
Draper’s faith in Bitcoin remained unwavering, even after losing 40,000 bitcoins in the infamous Mt. Gox exchange collapse in 2011. He continued accumulating Bitcoin and even purchased an additional 30,000 BTC from a government auction of coins seized from the Silk Road in 2014.
His enthusiasm for cryptocurrencies naturally extended to his sons, Adam and Billy Draper. In 2012, Adam Draper, a fourth-generation venture capitalist, founded Boost VC, an early-stage venture capital firm focused on cryptocurrencies, raising $90 million in its third round in September 2022. Billy, his brother, has also been actively engaging in the crypto industry.
Tim Draper revealed that his sons became involved in the crypto industry following his bullish stance on Bitcoin. However, not all family members were equally enthusiastic. Despite the family’s significant engagement with Bitcoin, Bill Draper, Tim’s father, has always maintained his skepticism about cryptocurrencies, advising his son to stick with the U.S. dollar.