Billionaire investor Tim Draper abandoned the stock because of Bitcoin 6 months ago

Billionaire Tim Draper currently holds “a lot” of Bitcoin (BTC) in his portfolio after withdrawing capital from the stock market six months ago.

Talk with CNBC On February 24, the notorious Bitcoin trader and supporter revealed that he has added a large amount of cryptocurrencies to his holding since last year.

Draper: “Uber drivers transacted during the day”

“A lot, a lot, a lot,” he answered when asked if his exact belief in Bitcoin was how long.

“I'm just a believer – and I see and I say,‘ Hey, this is better ’. In the long run, people will move on to better things. ”

Draper's comment was made at a time when the global stock market is plummeting due to concerns about the corona virus outbreak.

He later asserted that exposure to the crisis was limited due to concerns that the stock was too “frivolous”.

“Everything became so frivolous – the market got too excited and Uber drivers traded during the day, all the signs were there,” he said.

Draper adds that his venture capital firm, Draper Associates, still operates in the private markets. Meanwhile, Tezos (XTZ) – his other major cryptocurrency investment, has quadrupled since the beginning of this year.

Buffett criticized the cryptocurrency

Draper is also known for his bold Bitcoin price predictions, which include a target of $ 250,000 for BTC by 2022.

During that time, the status of investments such as banks and insurance companies will change significantly, he warned, while disagreeing with the view of Bitcoin of Warren Buffett – chairman of Berkshire Hathaway. , in Monday.

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“Of course he's worried,” Draper countered.

In his latest criticism of Bitcoin, Buffett said that cryptocurrencies are not an effective investment.

“Cryptocurrencies basically have no value and they don't create anything,” he told CNBC.

As Toiyeubitcoin reported, Bitcoin is still the best investment in 2020, with increases at some point in excess of 40%.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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