During a Facebook Ask Me Anything (AMA) over the weekend, American venture capitalist, Tim Draper, offered some crypto investing advice. Draper, a Stanford University graduate, is famous in the crypto world for buying 29,656 Bitcoin from the US Marshall Service after the FBI shut down the black market drug site, the Silk Road. His savvy investment of $18 million is now worth approximately $118 million.
However, according to Draper, the rest of us still have plenty of time to invest in Bitcoin, but to be wary of getting caught up in short term price fluctuations.
“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 said.
“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 said. “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”.
Draper Wants Argentina To Adopt Bitcoin As Its National Currency
Draper recently met with Argentina’s President Mauricio Macri, suggesting to him that he adopt Bitcoin as the country’s national currency. Argentina is acquainted with the impact of financial crises and he is sure that Bitcoin “could end up being just phenomenal, and globally, people will start saying I’m going to Argentina to start my business”.
“I suggested that he make Bitcoin a national currency and to bring in 5G and let the market figure it out and build all the roads and everything else for him,” Draper said. “Because they will, because everybody’s gonna come here if we’ve got, if he’s made the decision to go Bitcoin and 5G”.
Draper also said recently that in five years time, only criminals will be using fiat money because crypto will have become universally widespread and it will be easier to catch anyone using Bitcoin for nefarious purposes.