Billionaire Tim Draper Says Businesses That Are Not Holding Bitcoin In Their Treasuries Are 'Being Irresponsible'

Tim Draper has made a case for everyone to hold Bitcoin.
The billionaire investor has unveiled plans to build around the asset.
Draper is extremely bullish on Bitcoin’s price.

There is a growing Bitcoin rush.

Perhaps characteristic of the speed of the digital age, Bitcoin has risen from a fringe libertarian fad to an asset that threatens to swallow up Wall Street in just 16 years.

Against this backdrop, proponents continue to warn those on the sidelines against missing the train. Among these proponents is billionaire investor Tim Draper.

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‘Everybody Ought To Have Some Bitcoin’

Speaking at the Financial Times Digital Assets Summit on Wednesday, Draper was quoted as saying by Decrypt that companies that have yet to add Bitcoin to their corporate treasuries are “being irresponsible.”

The statement comes as several firms are now adopting the Bitcoin treasury model popularized by Strategy. These include Semler Scientific SMLR, Metaplanet and GameStop GME. Some emerging ventures are also trying to build a business on Bitcoin acquisitions. The most prominent example is Twenty One, a joint venture involving stablecoin giant Tether and Japanese conglomerate SoftBank, intending to launch with about $4 billion worth of Bitcoin on its balance sheet.

"Everybody ought to have some Bitcoin,” Draper said, according to Decrypt. He noted that even governments were beginning to add it to their treasuries.

Emphasizing the need for businesses and individuals to hold Bitcoin, Draper reportedly compared the cryptocurrency to the discovery of gunpowder.

“It’s a complete change,” he said, according to Decrypt. “You wouldn’t do war the same way after gunpowder; you don’t do commerce the same way after Bitcoin.”

He added that he foresees a future where Bitcoin becomes the standard, not the dollar, reportedly saying, “We’re eventually going to see a time where we’re really not measuring against the dollar, because there won’t be a dollar.”

A Bitcoin Fund

Beyond advocating for companies and individuals to accumulate Bitcoin, Draper also revealed personal plans to build a small economy around the asset. Specifically, he plans to run an investment fund entirely on the leading cryptocurrency in the next five years.

“I raise it completely in Bitcoin, I invest it in entrepreneurs in Bitcoin, all of them pay their employees and suppliers all in Bitcoin,” he reportedly said.

Draper also said he would leverage the blockchain and smart contracts for bookkeeping and taxation, asserting “the blockchain keeps perfect records.”

According to him, Bitcoin has a “gravitational pull” that is drawing creativity away from altcoins like Ethereum and Solana.

“A lot of the creativity used to be around Ethereum, Solana now most of the engineers and entrepreneurs are driving it toward Bitcoin,” he said, citing the emergence of projects focused on bringing decentralized finance, smart contracts, and collectibles to Bitcoin.

Draper, a Bitcoin permabull who has been predicting that the asset will hit $250,000 since 2018, said this year is the year the asset hits the elusive target. Meanwhile, he recently argued that the asset could be “worth an infinite amount of USD.” As of last look, the asset is trading near $103,000, up 6% on the day.

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