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The World Needs a New Kind of Currency, Bitcoin: Investor Tim Draper

•, Paul De Havilland

 Speaking from Stanford, California, Draper, an early investor in Bitcoin and a victim of the infamous 2014 Mt. Gox hack, spoke to Bloomberg TV of his confidence in cryptocurrencies.

Draper lost around 40,000 Bitcoins in the Mt. Gox hack, equivalent to roughly $250,000 at the time. He told Bloomberg TV that his initial response to the hack was that it would be the end of Bitcoin and cryptocurrency.

"I thought that's the end. It's too bad, because this was going to be the currency that was free and open and cross-border and global…"

Amid the turmoil surrounding the Mt. Gox hack, Draper's foresight and intuition at the time proved remarkable. Despite losing a quarter of a million dollars himself, he noted that "Bitcoin only dropped about ten percent on the news that Mt. Gox, the biggest exchange in Bitcoin basically stole or lost… all that Bitcoin." To Draper, Bitcoin's resilience in the face of the major disruption the Mt. Gox hack presented it, "meant the world needs this."

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