Silicon Valley’s Tim Draper: “Crypto Coins are good for Humanity”

Tim Draper, a staunch supporter of crypto and especially of Bitcoin, has yet again come in defense of the technology during an interview given to CNBC, where he came in support of crypto when questioned by the interviewer. Timothy Cook Draper (born June 11, 1958) is an American venture capital investor and founder of Draper Associates, Draper Fisher Jurvetson (DFJ), Draper University, and Draper Venture Network. His most prominent investments include Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Twitter, DocuSign, Tumblr, Coinbase, Robinhood (company), Ancestry.com, Twitch.tv, and Focus Media.

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Draper is not new in supporting crypto. Previously, he has called the Indian government headed by Prime Minister Modi pathetic and corrupt over the Indian government’s draft bill that essentially bans cryptocurrencies. The bill proposes a 10-year prison term for those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.” He is so confident in crypto and Bitcoin that during a visit to Argentina he made a wager with the President that ”if Bitcoin gets to be more valuable than the Peso by 2023, Argentina’s leader would declare it as the national currency.” The bet was revealed during a talk he gave at the Bitcoin2019 conference, although he noted that the bet was just a joke. 

Overstepping government

This time around, Draper angry at US lawmakers, who according to him are clearly overstepping as well as overreacting to libra. During the interview, he noted that heavy regulator in the US government forced companies like Facebook to set up Libra in Switzerland. Innovation is going to other countries and the US will be left behind. Draper proposed that the solution is to open up and let some of these things happen. Draper also reacted to the interviewer’s question about the need for a Gardner (regulation) by saying that now the regulation is being proposed even before the innovation.

”Facebook has only proposed the Libra they haven’t been able to ship it yet”. These words clearly reflect his frustration of regulators overstepping.

A world-changing idea

Another interesting point Draper raised was in response to a question raised during the interview about the value of crypto-based on thin air. He responded, “we are way past that ”, implying that most fiat currencies are also not backed by assets. He continued that modern currencies are based on trust, ”and that trust is there for bitcoin and the trust will probably be there for Libra as well”. One of the most radical thoughts that were put forward by Draper during the entire interview was that boundaries, as we know, will fade away, and this will force the government to compete in order to retain innovators and top talents, or else they will move to another country. This will force them to think like businesses, which is beneficial for humanity as it makes governments think, ”how can I give good services to my community, to my society and how do I make my community more happier?”

Even as Draper was making his frustration clear during the interview, he was hopeful and optimistic about crypto’s future. His view of the recent event is more positive than how most analysts view it. According to Draper, the buzz and attention Libra has brought to crypto will, in the end, benefit the industry. In his view, this set of events will actually make people be more aware of crypto and what is going on. In Draper’s own words, ”in ten fifteen-years, we will end up with one great world, the border will be much more frictionless. And it will be easier to do business”. That is surely something everyone in the crypto community would like to see.
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