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Tim Draper has made a case for everyone to hold Bitcoin.
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The billionaire investor has unveiled plans to build around the asset.
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Draper is extremely bullish on Bitcoin’s price.
There is a growing Bitcoin rush.
Perhaps characteristic of the speed of the digital age, Bitcoin has risen from a fringe libertarian fad to an asset that threatens to swallow up Wall Street in just 16 years.
Against this backdrop, proponents continue to warn those on the sidelines against missing the train. Among these proponents is billionaire investor Tim Draper.
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Speaking at the Financial Times Digital Assets Summit on Wednesday, Draper was quoted as saying by Decrypt that companies that have yet to add Bitcoin to their corporate treasuries are “being irresponsible.”
The statement comes as several firms are now adopting the Bitcoin treasury model popularized by Strategy. These include Semler Scientific (NASDAQ:SMLR), Metaplanet and GameStop (NYSE:GME). Some emerging ventures are also trying to build a business on Bitcoin acquisitions. The most prominent example is Twenty One, a joint venture involving stablecoin giant Tether and Japanese conglomerate SoftBank, intending to launch with about $4 billion worth of Bitcoin on its balance sheet.
“Everybody ought to have some Bitcoin,” Draper said, according to Decrypt. He noted that even governments were beginning to add it to their treasuries.
Emphasizing the need for businesses and individuals to hold Bitcoin, Draper reportedly compared the cryptocurrency to the discovery of gunpowder.
“It’s a complete change,” he said, according to Decrypt. “You wouldn’t do war the same way after gunpowder; you don’t do commerce the same way after Bitcoin.”
He added that he foresees a future where Bitcoin becomes the standard, not the dollar, reportedly saying, “We’re eventually going to see a time where we’re really not measuring against the dollar, because there won’t be a dollar.”
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Beyond advocating for companies and individuals to accumulate Bitcoin, Draper also revealed personal plans to build a small economy around the asset. Specifically, he plans to run an investment fund entirely on the leading cryptocurrency in the next five years.
