VC Investor Tim Draper Made $89M From His Bitcoin Investment in 5 Years

Billionaire venture capital investor Tim Draper has made $89.1 million from his Bitcoin investment in less than five years. In 2014, Tim Draper purchased a bulk of 30,000 BTC from the U.S. authorities in an auction. He outbid all participating investors by paying $632 per Bitcoin, with a slight premium. The $18.96 million he spent in 2014 is now worth $108 million despite the 80 percent correction the dominant cryptocurrency experienced in the past 12 months. Money Makes Money: Bitcoin is a Prime Example Vinny Lingham Previously, as CCN reported, a South Africa Shark Tank host and Civic CEO Vinny Lingham suggested that the cryptocurrency market may take a long time to recover from its correction. Lingham explained that the 2017 bull rally of digital assets was primarily triggered by retail traders and individual investors, and the vast majority of the investors lost a significant chunk of their capital in…

Read the original article here