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Tim Draper says VC, Investment Banking and Banking Are Going to Change

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Tim Draper is long on Bitcoin after winning the USMS auction holding a press conference today where he had nothing but great things to say about Bitcoin.

Tim stated that he saw venture capital, investment banking and banking are going to change over the next ten years and found it is now more secure than any other currency because it is not tied to political imaginations, more efficient, and allows for secure transactions and secured contracts. Tim also went on to state that Bitcoin makes money transfers significantly cheaper and this as a result will have a positive influence because money will move faster which brings benefits to all industries.

Tim feels that Bitcoin is safe because countries are not safe from revolutions and that humans are subject to political revolutions but that Bitcoin is not. Many will have to start over in a revolution with a new monetary system but with Bitcoin they are not forced to start over and thus are safer.

He stated that this made Bitcoin incredibly revolutionary for all business and that the world should take advantage of Bitcoin as soon as they can and begin buying things with it, selling things with it and trading with it.

Tim Draper has worked with Vaurum in the past for transfers of Bitcoin and is happy to work with them on such a large transaction now. He also stated that Bitcoin is a world wide opportunity that will allow everyone to be better off and that the world is a better place because of Bitcoin.

Vaurum will be working on exchanges in India, Argentina and other countries because those countries do a lot of transactions in cash and the owners of business would like to turn that cash in to something that can be turned in to other things quickly.

He also went on to say that he feels his Bitcoin with Vaurum is safer than his money in the bank.

When pressed regarding price from the USMS auction Tim simply laughed and stated he paid more than the other auction bidders.

Tim made the choice to bid on the coins because he knew they would build a business around them and knew they needed a strong position to do that which prompted him to bid what he had hoped would be higher than all other bidders.

Regrading the markets and fluctuations he felt that it would be worth either a lot  more or a lot less in five years and so he isn’t obsessed with the day to day price and he feels Bitcoin is a long term good investment.

He also stated that he would be putting his money to use and not simply hoarding it as others have. He would be putting his Bitcoins to use.

Tim stated he currently has enough Bitcoin to do what he is seeking to do but would likely be purchasing more in the near future with more details to come in the future. He also put some of his Bitcoins to use in his Bitcoin ATM.

Adam his son and the founder of wants to see people transact in Bitcoin because it will become more valuable for everyone.

Tim is currently excited about companies such as snapCard because it allows you to buy anything you want with Bitcoin and would be spending some Bitcoin with that.

When asked about the sale being hosted by the government and what it means for the regulatory landscape for Bitcoin, Tim stated that if they were planning on banning it they likely wouldn’t have been selling it and that it is likely they felt Bitcoin brings a real value to society as an asset because it allows for instant transfers and that he saw it as a vote of confidence in Bitcoin because some things can be done better with Bitcoin over other currencies.

Tim also feels that other countries of the world will see the lead of the United States and take friendlier positions to Bitcoin in the near future.

Coin Fire is a cryptocurrency news site started on June 6th of 2014. The site focused on hard-hitting investigative stories. Coin Fire was acquired by 99Bitcoins on October 2015.

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