Tim Draper Left Stocks For Bitcoin 6 Months Ago

The lighting Bitcoin which recently grew to almost $10,000 is a main topic in the crypto news. According to recent rumors, the billionaire investor Tim Draper left stocks for Bitcoin 6 months ago – which he claimed as the bullish momentum for the dominant coin rose to new heights.

Draper was speaking to CNBC on February 24 and the VC investor and serial Bitcoin proponent revealed that he had significantly added to his crypto holdings since last year, adding:

“It’s a lot, it’s a lot, a lot.” This was his response to the question on how far his faith in Bitcoin extended.

“I’m just a believer — and I look and I say, ‘Hey, this is just better.’ Long term, people move to things that are better.”

Draper spoke in his characteristic Bitcoin logo tie as stock markets plummeted worldwide due to the concerns over coronavirus. Tim Draper left stocks years ago and as he said, the exposure to the crisis was limited due to previous concerns that stocks were too “frothy” for him.

“It just got too frothy — the market got too excited and Uber drivers were doing day trading, all the signs were there,” he said.

He also added that his VC firm, Draper Associates, was still active in private markets and his other investment, Tezos (XTZ), has more than doubled since the start of the year. It turns out that it is good that Tim Draper left stocks for Bitcoin and Tezos. As he pointed out, we could see a $250,000 Bitcoin by 2022.

Draper also pointed out to the comments that one of the richest people in the world, Warren Buffett had a while ago. “Of course he’s worried,” Draper retaliated.

For those of you who don’t follow our Bitcoin news now, Buffett was seen stating a lot on the topic of crypto, saying:

“Cryptocurrencies basically have no value and they don’t produce anything. So you can look at your little ledger item for the next twenty years and it says you’ve got X of this cryptocurrency or that — it doesn’t reproduce, it doesn’t deliver, it can’t mail you a check, it can’t do anything. And what you hope is that someone else comes along and pays you more money for it.”

As we reported a while ago, BTC/USD remains the star investment of 2020 with its year-to-date gains netting 40% at one point.