BitBeat: Bitcoin Showing Its ‘Worth’
Worth magazine this week released its list of the 100 most important people in finance, and look who made the list: Tim Draper. Mr. Draper is the founder of Draper Fisher Jurvetson and a third-generation VC (his son, Adam, is the fourth generation). This is his first year on the list, and while his inclusion was part of a wider move from the magazine to recognize more Silicon Valley talent, the thing that landed him there was his ‘most interesting play’ from this summer: when he bought 30,000 bitcoins in a government auction. Beyond that, DFJ is one of the biggest bitcoin advocates among VC firms. Bitcoin, it seems, was at least a factor in his inclusion.
‘Actually,’ Richard Bradley, the editor in chief of Worth told us, ‘bitcoin was the decisive factor on why we added him to the list. We think the bitcoin play is really meaningful.’ Mr. Bradley said Mr. Draper’s interest and investment in bitcoin is symbolic of the way Silicon Valley and West Coast entrepreneurs are becoming bigger players in the financial world, and more importantly, innovators in the financial world. ‘They’re basically thinking about financial innovation in a way that Wall Street doesn’t seem to be thinking,’ he said.
This post was published at Wall Street Journal on Oct 7, 2014.