Bitcoin to $250K by 2022 may be ‘too conservative’ | Billionaire Tim Draper

Contents

India's Cryptocurrency Industry Reborn - Tim Draper

India’s Cryptocurrency Industry Reborn – Tim Draper
CONTENT

  • India’s Supreme Court made the right decision, Tim Draper says

  • Venture Capitalist Intends to Fund Local Cryptocurrency Startups

  • Capital inflows will support Indian projects.

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Tim Draper, renowned venture capitalist and founder of Draper Venture Network and Draper University, is investing in the cryptocurrency industry in India, hoping to flourish quickly after the Supreme Court ruling overturning the central bank’s ban.

Billionaire and venture investor Tim Draper, who harshly criticized the ban on cryptocurrencies imposed by the Reserve Bank of India, announced his readiness to invest in the development of blockchain technologies in the country.

It’s time to invest in Indian crypto business

According to him, the restrictions could set India back 40 years, but now the country is on the verge of a cryptocurrency renaissance..

India's Cryptocurrency Industry Reborn - Tim Draper

After it became known that the Supreme Court took the side of cryptocurrency exchanges, which filed a petition against the decision of the Central Bank, Draper visited the country and met with members of the local crypto community – entrepreneurs, shareholders, managers and developers..

A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK

– Tim Draper (@TimDraper) March 21, 2020

The legendary investor was pleased with the results of the meeting and even promised financial support to some companies, local newspaper writes [Inc42].

According to Draper, India’s Supreme Court and Government have just proven that good ideas ultimately triumph..

India's Cryptocurrency Industry Reborn - Tim Draper

He also added that the current existential crisis that has engulfed all systems has revealed the true advantages of bitcoin and cryptocurrencies in general, so India took a very timely decision..

Draper is famous for his successful investments in companies around the world. He has investments in Baidu, Hotmail, Skype, Tesla, SpaceX and Twitter..

Hike to India

However, he is far from the only investor claiming a piece of the Indian cryptocurrency pie..

India's Cryptocurrency Industry Reborn - Tim Draper

The wind of change has blown in the industry, and several major players have announced their desire to enter the Indian market. Binance recently acquired Indian exchange WazirX and announced a $ 50M fund to support cryptocurrency startups in the country, and OKEx has partnered with another Indian exchange, CoinDCX.

Projects getting ready for pump

Interest from large investors can support tokens of Indian projects, which are usually sensitive to this kind of news. Many of them have already grown up when it became known that the Supreme Court overturned the ban of the Central Bank.

For example, WRX, token As usage grows new cryptocurrencies types of tokens. They can represent value or something intangible like voices. Two … More of the local cryptocurrency exchange WazirX jumped 63% in a few hours. Despite the fact that most of the gains were lost during the massive market crash, the bullish sentiment could return very soon. Venture capital inflows drive ecosystem development, which will also play into the hands of local developers.

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