Tim Draper, an American venture capitalist, recently detailed how he and his family became involved in the realm of cryptocurrencies. 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, according to Draper University’s website. He also pioneered viral marketing, which was critical to the success of Hotmail and Skype.
In an interview for Cointelegraph’s YouTube series “Crypto Stories,” Tim Draper, the family patriarch, told the interesting story of his family’s journey into the cryptoverse, according to an article published on 28 April 2023 by Cointelegraph.
Tim’s interest in selling virtual items for conventional currency was aroused years ago. He told a story of a Korean dad who used fiat cash to buy a virtual sword for his son’s birthday. This encounter piqued Draper’s interest in the notion of virtual stores of value, prompting him to speculate about a future in which fiat money will be used to purchase ‘fiat’ commodities.
When Bitcoin first appeared in 2009, it precisely fit with Draper’s vision, prompting him to invest early. “It was the universal currency, the currency for our entire earth,” he said.
Even after losing 40,000 bitcoins in the historic Mt. Gox exchange crash in 2011, Draper’s conviction in Bitcoin remained steadfast. He kept buying Bitcoin and even bought an extra 30,000 BTC in 2014 during a government auction of currency confiscated from the Silk Road.
His kids, Adam and Billy Draper, were naturally drawn to cryptocurrencies. Adam Draper, a fourth-generation venture capitalist, created Boost VC, an early-stage venture capital company focusing on cryptocurrencies, in 2012. In September 2022, the business raised $90 million in its third round. Billy, his brother, is also involved in the cryptocurrency market.
Tim Draper claimed that his kids became interested in the cryptocurrency market as a result of his strong view on Bitcoin. However, not everyone in the family was as enthusiastic. Despite the family’s involvement with Bitcoin, Tim’s father, Bill Draper, has long been skeptical about cryptocurrencies, pushing his son to continue with the US currency.
