American venture capital investor and Blockchain industry influencer Tim Draper claimed that Bitcoin (BTC) is “bigger than the internet,” and several other major developments in human history, during the Intelligence Squared US debate in New York City this Saturday, CNBC reported today April 23.
During the debate – which Draper undertook alongside Overstock CEO and Bitcoin bull Patrick Byrne and against two crypto skeptics – the billionaire investor compared Bitcoin, and evidently Blockchain in general, to his early investments in Tesla, Hotmail, and Skype. He went further by stating that Bitcoin would be “bigger than all of those combined,” and that the scale and importance of Bitcoin and the technology behind it exceeds that of major technological developments in human history, saying:
“It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution."
Draper also voiced his oft-repeated prediction that in five years time, no one will be using traditional government-backed money:
"In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you're not using crypto. I believe that there will be a point at which you will no longer really want any of the fiat currency."
As of December 2017, the venture capital investor was still holding around 30,000 bitcoins that he bought in a US Marshals Service auction in 2014, CNBC reported. If Draper is still holding his BTC today, the investment is worth almost $270 mln by press time.
At the Intelligence Squared debate, Draper also spoke on Bitcoin market dominance, claiming that the largest cryptocurrency is likely to win the "long-term crypto battle" against altcoins. Meanwhile, BTC dominance, or the percentage of total market cap that is Bitcoin’s, is currently around 38 percent, down from its monthly high around 44 percent.
Earlier in April, during a speech at his own Draper University, the VC tycoon predicted BTC will hit a whopping $250k per coin in the next four years. Draper also recently sat down with Cointelegraph for a “serious” interview, in which he claimed that “Bitcoin is clearly the leader” among cryptocurrencies.
"They want to know about Bitcoin. They want to know how it could help the Economy"
Just before Christmas, our team had a rare opportunity to meet with Congressional representatives including:
According to Andrew Southwell, Pathfinder banking advisor: "The amount of interest was extraordinary. Bitcoin is in all the news. They want to know about Bitcoin. They want to know how it could help the economy, and understand what it is and what they can do to help it succeed."
They talked about Bitcoin but even more important, how Bitcoin technology , blockchain and tokens, could potentially boost or expand US capital markets and help drive more economic growth.
We'll be going back monthly and participating in future hearings. Any Cryptocurrency or technology firms who want to join in, please contact us.
NEW YORK (Reuters) - Overstock.com unit T0.com (tZERO) will launch an initial coin offering next month, company chairman Patrick Byrne announced on Tuesday at the Money 20/20 conference in Las Vegas.
In a statement, Byrne said tZERO’s coin offering will be legally compliant with the U.S. Securities and Exchange Commission using an instrument called the Simple Agreement for Future Tokens (SAFT).
Analysts said the SAFT structure makes ICOs viable because it limits participation to accredited investors under Rule 506(c) of Regulation D of the Securities Act of 1933. As such, companies issuing SAFTs need not register with the SEC.
It was the same ICO structure used by Filecoin’s offering in August and September, which raised approximately $200 million. Filecoin is a decentralized network that aims to facilitate the storage, retrieval, and transmission of data.
Byrne said the tZERO SAFT pre-sale is expected to open on Nov. 15 and run until Dec. 31.
The proceeds from the sale, he added, are expected to fund, among other things, scaling tZERO’s technology development and regulatory teams and potentially acquiring or establishing a custody and clearing firm to complement the company’s existing infrastructure.
The Argon Group and RenGen have been tapped as tZERO’s advisers to lead and manage the company SAFT pre-sale.
Byrne said he expects this to be the first digital token pre-sale to generate significant participation from both the growing crypto-currency community and traditional global financial institutions.
tZERO believes its token will be the first to offer a percentage of its profits, distributed as a quarterly distribution paid into token holders’ digital wallets.
“Three years ago I stood up in front of an audience for the opening Keynote speech at Bitcoin 2014, in Amsterdam, and told the world that the main event of bitcoin is not bitcoin, it is the blockchain, and it would change the world,” said Byrne.
Blockchain is a digital ledger of transactions that has underpinned bitcoin, the original crypto-currency.