Crypto Cornerstone Investor Tim Draper Records $89 Million in Gains from Bitcoin Investment 5 Years Ago
Tim Draper, a billionaire venture capital investor, said that he made a staggering $89.1 million from his bitcoin investment in a period less than five years.
It all started in 2014 when Draper outbid other investors in a U.S. auction, purchasing a total of 30,000 BTC, of which he paid $632 for each. The $18.96 million he spent on the bitcoins at that time is now worth a cool $108 million, even with the cryptocurrency shedding off about 80% of its price in the last one year.
Majority Investors Lost Big In Recent Correction
During the recent price correction, where most cryptocurrencies lost their value with a double digit percentage, many investors lost a huge share of their investment and are looking to see if the prices will bounce back to minimize their loses.
Vinny Lingam, Civic CEO and a South Africa Shark Tank host, has previously spoken with CNN, stating that the cryptocurrency market will likely take a long time to recover from the recent price correction, explaining that the 2017 bull run was triggered by individual investors and retail traders.
He noted that a good number of investors had lost a lot of money during the recent price wipe down.He told CNN that:
“The crypto market will rise again, but most likely only when the pain of the recent fall becomes a distant memory. Don’t underestimate the power of psychology in free markets.”
Long-Term Vision For Bitcoin Investors
While many people are sceptical about putting in their money in the cryptocurrency market, there are long-term investors such as Peter Thiel, Mike Novogratz, and Tim Draper who still believe in the idea of a decentralized form of currency for financial freedom, not to mention the technology behind digital currencies.
This is clearly seen from an In an op-ed written by Tim Draper, where he explained that:
“The long-term vision for bitcoin is to give the world economic emancipation. The potential if bitcoin is only limited by the imaginations of the entrepreneurs who work to drive this new virtual economy. To monitor and keep it honest, I believe that the community of users will ultimately self-regulate, possibly eclipsing or obviating the need for the various governments to regulate the crypto world. I’ve been through the ups and downs with bitcoin, and I am as certain as ever that the bitcoin revolution is coming.”