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This Cryptocurrency Billionaire Is Trying to Split California Into Three States

• Polina Noskova and Cara Moffat

Tim Draper, the billionaire venture capitalist and legend in the world of cryptocurrency, has an idea: Let's split California into three separate states.

There are at least five reasons why this idea is doomed from the start, but first, here's his case:

The way Draper sees it, smaller states would be run by more efficient and less bureaucratic governments as they compete for residents and business. Education, safety, infrastructure and health care would improve. Taxes would be lower. And the investor who made a name for himself funding tech giants like Hotmail, Skype and Tesla Inc. says he "won't have to think anymore about moving myself, Draper Associates, the Draper Venture Network and Draper University out of California."

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