Tim Draper Says Banks Are ‘Hugely Threatened’ By Bitcoin

Tim Draper is a well-known name in Silicon Valley. A partner at VC firm Draper Fisher Jurvetson and prominent backer of Internet startups like Skype and Hotmail, Draper has helped show just how powerful the Internet can be for the US economy.
Today, Draper is just as enthusiastic about bitcoin, and his sprawling complex located in downtown San Mateo, California, could be considered a central hub of US bitcoin innovation.
The site is the headquarters of the Draper University school for entrepreneurship, which is developing a ‘Bitcoin 101′ course, as well as Boost VC, an incubator run by his son Adam Draper that boasts 17 bitcoin startups in its current batch.
Further, Hero City is located in the same facility, a co-working space where startups migrate after graduating Boost VC or other Silicon Valley-area accelerators.
Unsurprisingly, Draper told CoinDesk he believes there is a gigantic market opportunity for bitcoin as a financial technology:
‘I think that there’s a really good market for transparency in finance, and I think bitcoin allows that.’

This post was published at Coin Desk on October 5, 2014.