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Venture Capitalist Draper Says Bitcoin To Be Bigger Than Internet

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Venture capitalist Tim Draper predicted that Bitcoin could be bigger than the internet.

Draper also said that the top cryptocurrency would be bigger than his early investments in Tesla, Hotmail and Skype, combined, CNBC reported citing comments the investor made during a debate.

"This is bigger than the internet. It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution," Draper said.

"This affects the entire world and it's going to be affected in a faster and more prevalent way than you ever imagined."

He was speaking in the Intelligence Squared debate that was presented in partnership with the Adam Smith Society.

The investor, who founded the venture capital firms Draper Associates and DFJ, also predicted that five years from now cryptocurrencies would replace fiats in routine transactions.

"I believe that there will be a point at which you will no longer really want any of the fiat currency," Draper said. He went on to say that his bitcoin investment was more secure that the money he put in Wells Fargo.

He also said that Bitcoin was likely to win the long-term crypto battle, thanks to its dominant market share. The venture capitalist also reiterated his forecast that Bitcoin would hit $250,000 in four years.

Draper reportedly bought around 30,000 bitcoins in a 2014 US Marshals Service auction. The investor has confirmed to CNBC that he is still holding those, which will be worth about $268 million now.

by Jyotsna VRTTNews Staff Writer

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