Tim Draper, one of the most powerful and influential investors from Silicon Valley, is very keen to invest in Indian crypto startups. While talking to media in his recent visit to the country, he seemed high-spirited about the Indian crypto ecosystem.
Previously, Tim Draper had been highly critical of the crypto ban by The Reserve Bank of India (RBI). But this time it seems his visit was auspiciously timed. After the positive judgment by The Supreme Court of India, this was Draper’s first visit to the country.
He applauded the Supreme Court of India for letting the best ideas prevail and interacted with some of the major stakeholders of the Indian crypto ecosystem.
Why does Tim’s investment intent matter?
Since 1996, Tim has made some iconic investments. And his impressive investment portfolio lists companies like Hotmail, Skype, Baidu, Tesla, and others. In the crypto ecosystem, Draper has invested in leading projects Coinbase, Tezos, and Authenteq.
How does he see potential in India?
It is hard to believe that the Supreme Court’s positive judgment was enough to lure Draper to fund an Indian crypto startup. Without any doubt, Draper is aware of the Indian crypto market size that amounts close to $12.9 billion, according to a pre-ban estimate.
In 2017, Indian investors’ indulgence in Bitcoin buying was at its peak. And this had led to a meteoric rise of start-ups like Zebpay, Koinex, and Unocoin. With SC lifting the ban, the Indian crypto ecosystem is expected to boom again and Draper is prepping up for the next bull ride.
On the market crash
Furthermore, Draper cleared up the mist around the recent dip in the crypto market. According to him, institutional investors triggered the market crash. He emphasized that the institutional investors were panic-struck as the traditional markets were melting down. Effectively, they started to sell their crypto holding too leading to a sudden crypto market crash.
More for India
In early March, global blockchain organization HashCash shared its intent to invest $10 million in the Indian crypto industry. Additionally, Binance and WazirX also announced a $50 million token fund to support Indian blockchain startups.
