Venture capitalist and just a super intuitive/lucky individual for investing in Bitcoin way back when, Tim Draper recently gave his Facebook fans a treat.
The man in question became somewhat of a legend when he struck gold for buying 29,656 Bitcoin for $18 million in 2014 when the FBI cracked down on the Silk Road. Today, those Bitcoins are valued at a whopping $118 million! Which is why when Draper sat down for an Ask Me Anything session earlier today people were excited and the questions came pouring in!
In the surprisingly refreshing session, Draper presented his followers with some important crypto advice and ensured them that even investing in crypto right now was a good idea. He also discussed his new book, ‘How To Be The Startup Hero’ and Draper University in the session.
In the video he says,
“What it (Bitcoin) is is the future of currency and the currency is going to be decentralized and open and you’re going to end up with a much more fluid, dynamic currency if you own Bitcoin than if you own dollars.”
He encouraged investors to stay strong in bearish times and not give in due to short term price fluctuations.
“I never make Bitcoin predictions in the short term because short term anything can happen. It will move up and down and if you’re investing in the short term you’re making a mistake.”
He further added,
“People can manipulate the price, it moves up, moves down depending on big customers coming in to buy or big owners coming in to sell.”
Talking about the urge to keep money instead of Bitcoins Draper said,
“Sometimes Bitcoin is going to feel very valuable and sometimes you’re going to feel like dollars are what you really want to hold on to. When you feel like dollars are what you really want to hold on to, you probably want to buy Bitcoin.”
Draper answered as many questions as he could but the advice that he gave so freely and so honestly was just a breath of fresh air in a world where one doesn’t know whether the market will go up or down. Draper also made headlines recently when he asked the Argentinian President to consider making Bitcoin the country’s official currency.