How Tim Draper was So Right with his $10,000 Bitcoin prediction 3 Years Ago

in bitcoin •  14 days ago

He was Right MAIN PIC 2.png

He was right. Yes, the same guy who pushed to split California into 6 pieces (which I thought was great by the way) predicted the bitcoin price to reach $10,000 around this time way back in 2014! With a well deserved $110 Million in apparent profits, we say hats off to this Silicon Valley entrepreneur and bitcoin evangelist.

Who Is He?

Tim Draper is a venture capitalist, born in the emotional center of Silicon Valley, otherwise known as San Francisco. Him and his firm were notable for the fact that they purchased all the cryptocurrency from the first ever bitcoin auctioned off by the U.S. Marshals (that they confiscated from Silk Road). He bought the entire near 30,000 coins; then worth about $580. At today's price around ~$10k he made 17x his money back! Draper backed a bitcoin exchange he named Vaurum to help investors get into bitcoin. Later they changed their name to Mirror.

He didn't buy the coins to resell later, in fact he used them to grow bitcoin (this guy rocks!):

"But the winner, the venture capitalist Tim Draper, is not seeking a quick hit. Instead, through a partnership with the Bitcoin exchange start-up Vaurum, Mr. Draper intends to make the coins available for use in emerging markets. With the help of Vaurum and this newly purchased Bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies,” Mr. Draper said in a statement through Vaurum. “We want to enable people to hold and trade Bitcoin to secure themselves against weakening currencies.”

Why does his prediction matter?

Though many have predicted outstanding price targets for bitcoin, even into the millions of dollars, and even many the specific $10,000 target, Draper was right on the money with his timing of 2018.

"I have a price target of $10,000 in three years. Even that may be pessimistic."

This man has his finger on the pulse of the huge investment behemoth that is Silicon Valley. Therefore his endorsement on the 'investbility' of a 5 year old technology called cryptocurrency was a BIG development and helped bitcoin along in and of itself.

Keep in mind though that bitcoin shot up so quick this year after major development hurdles finally were jumped over. I knew this outcome was likely after the problems (increased blocksize and fork off the disagreeing parties to reach a consensus for 'bitcoin') I just didn't know how damn fast it would happen! Bitcoin has tripled from mid-September this year; just 2 1/2 months!

BTC Price last 3 months.jpg

We’ve entered the Big Institutional Investor period of bitcoin

His prediction ringing true is a venture capitalist proving the viability of venture funds into the cryptocurrency space. But it's like a self fulfilling prophecy. The price rise IS a demonstration of the fact we're now entered the time of big money institutional investments into bitcoin and the crypto space.

How did he know?

Many doubted him. Even bitcoin news featured a piece calling $10,000 bitcoin unlikely in April 2016 about 2 years after his prediction with only 1 year remaining.

Maybe he had insider information. Maybe he knew his endorsement of bitcoin would snowball into massive venture capital into the sector. Hell if I was worth a Billion Dollars as he is, I would know my words had a lot of influence and clout as well.

Being a successful venture capitalist on the tech side, the west side of the country, Tim obviously knows a trend when he sees one and this one he definitely picked right! But he was also actively involved in perpetuating bitcoin and had the skill to grow the sector; for his own pocket and for the whole benefit of cryptocurrency (and freedom) enthusiasts!

FUN NOTES:

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Just amazed that people can predict this kind of thing.

I bought some stuff of Silk Road he probably owns some of my old bitcoin

This wonderful I have learn from your post .

I believe that bitcon price is increasing day by day, after some year it will be be very expensive in world wide.

He took a great opportunity of buying bitcoins and now he's reaping the rewards. Wish there was a definite way of predicting the future prices of bitcoin. Its hard to invest at this moment with one bitcoin being $10000 plus lol

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Newcomers can buy fractions

good post

Tim Draper is a genius,I also had heard about this before.
His prediction in 2104 was almost correct.

Now Ripple and Electronium are the one to invest for in future.
About 2-3 years to wait for.

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What's good about Electronium ?

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I'm curios about electroneum as well, it could be the thing that gets more people involved.

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Really Tim Draper is a genius. Hads off to him. I believe electroneion rate will rise huge and huge and the adoption rate of electroneum will increase rapidly.

Thanks

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whats good with it?

Very interesting read here. Worthy enough to resteem? Done.
I will also checkout "Mirror." Oh wow, that highlighted paragraph was a link to the New York Slimes. I guess they aren't always fake news; but, be careful of them.

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thank you; comment upvoted :)

Educating i like ur post... upvote

Am motivated

With this it is more than evident that the market of cryptocoins is of great foundations

Some times in life things don't just happen immediately it takes time to manifest, his prediction has just manifested. As i always say all the world need is a great idea.

If you know a little bit math.It is normal predict bitcoin will reach 10000 but it is not final destination.Because will total 21 million bitcoin supply, the is now like 1 dolar price of bitcoin if the %1 of gold investors turn its face to bitcoin.

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how much is 1% of world gold value?

Good news

Very interesting read! It's obvious to me that cryptocurrencies are here to stay, and they will form the economic landscape in the future.

I've been hearing lately that if you are new to buying/investing in cryptocurrencies, better to start with Ethereum or something recent, since Bitcoin has increased so much in value. And @arpit-latest mentioned Electronium and Ripple in the comments, I have no idea about those! What do you think?

Thanks for this post, resteemed.

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thanks nicky; Well for maximum gains your risk increases. People say bitcoin is the gold (long-term wealth storage/preservation) but the network affect still means it will be invested in first by newcomers and there's plenty more people who don't own any bitcoin yet

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Ripple (XRP) is a coin that was developed to make inter institution transfers easier. Anyone can get it, of course. Bittrex is one such site.

Your post is promoted. Promotions make SBD & STEEM stronger.
Your reward is an upvote and 0.23 SBD extra promotion.

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thanks

Yay! And I was totally wrong when last year I thought bitcoin would go sub one thousand. :(

Tim draper is wise in his field. I wouldn't sleep on this information. We all know that the banks and any other fat cat threatened by crypto currencies, will do their best to debunk whatever is in their way. If people remain educated, and invest cautiously, I see a ton of opportunity in the future for all of us! Cheers.

bitcoin was made to end the world. think about it, when all our money is is digital all they have to do is shut the internet down and everyone will die because no money for food or water no grocery stores, and the few that survive will get killed off by drones

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good point to be weary of. Technology makes life easier but then people lack the skill to live without that technology. A dependency...a co-dependence, symbiosis

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I think you smell a rat in the digital currency world. They cannot wait to get rid of paper money and the privacy and freedom that goes with it. They (G20) can easily outlaw private cryptos and generate a government or global crypto (think IMF...SDRs). The real 1984 is late but is coming soon to your world. Anyone ever hear of the TULIP BUBBLE? Americans need to wake up before it is too late and their freedom is gone!

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uh oh

Upvoted! Great read!

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I just want to know if he has any more predictions going forward!

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good question :)

Bravo!!

Great piece...I enjoyed the read! I wonder what his prediction is for 2020?

There were so many bitcoin evengelists with so many predictions 3-4 years and some of them were bound to be right by law of probability - can't say anything more... If John McAfee had given this particular number, we'd be talking about what a great genius he is instead of Tim Draper. So we really can't say even though most of these folks were big on bitcoin going up relentingly in these years..

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You're right :), but... it's nice to have things to talk about

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What kind of insider information can allow you to predict prices over a 3 year horizon in the crypto-world? I just think this guy is smart. Maybe I'm wrong but I think insider info may only help you make short term gains in this asset class.

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smart and was a market maker, made it happen!

great guy... thanks for posting
good times ahead

Nice information

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