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Billionaire venture capitalist Tim Draper, a long-time Bitcoin advocate, believes that one day retailers will only accept bitcoin as a payment.\u00a0<\/p>\n
\u201cThere will be a moment when all the retailers say \u2018I accept bitcoin\u2019 and then there will be a moment when retailers will say \u2018I only <\/em>accept bitcoin,\u201d Draper said<\/a> on Bloomberg Television.\u00a0<\/em><\/p>\n Tim Draper\u2019s support for bitcoin goes far beyond words. In 2014, he made headlines by spending $19 million to purchase<\/a> 30,000 bitcoins seized from the shutdown of the Silk Road marketplace.<\/p>\n Today, those coins are valued at roughly $3.5 billion. Draper has also backed major crypto firms, like Coinbase and Robinhood Markets, cementing his reputation as one of the sector\u2019s most influential investors.<\/p>\n In the interview with Bloomberg, Draper acknowledged that for now, bitcoin is primarily being held, not spent \u2014 a trend fueled by its consistent value growth, which makes it a favored store of value and a hedge against inflation.<\/p>\n But Draper sees change on the horizon. He said that eventually, retailers will start accepting bitcoin as a primary payment method. <\/p>\n Draper is also raising fresh capital<\/a> for his venture firm, Draper Associates.\u00a0<\/p>\n According to a Tuesday SEC filing<\/a>, the firm has secured $200 million for its eighth fund, with its website hinting at the official launch. Draper Associates, which manages $2 billion in assets, focuses heavily on crypto investments.<\/p>\n This latest fund follows the 2022 raise of nearly $124 million for Fund 7.<\/p>\n The timing coincides with a strong crypto market rally. The total cryptocurrency market recently surpassed $4 trillion for the first time, buoyed by congressional legislation regulating stablecoins and Bitcoin surging past $120,000 in recent months.<\/p>\n Draper, 67, began his venture capital career in 1985 with a $6 million loan and quickly became known for early investments in companies like Skype, Baidu, Tesla, SpaceX, and Robinhood.\u00a0<\/p>\nTim Draper\u2019s new fundraising round<\/h2>\n