- Billionaire venture capitalist Tim Draper also HODLs altcoins.
- The pro-crypto investor has stakes in Tezos and Arkham Intelligence, among others.
Altcoins are gaining traction as Bitcoin (BTC) hits a major crossroads characterized by volatility. Billionaire venture capitalist Tim Draper is among Bitcoin investors taking advantage of the soaring altcoin trend.
Tim Draper’s Altcoin Portfolio
In a recent interview, Draper disclosed sizable investments in altcoin projects, including Tezos, Arkham, Bancor, and Handshake. While discussing his fund’s interest in the company, Draper commended the Arkham Intelligence team. He specifically highlighted the teams’ capability to link names to Bitcoin wallets, which has piqued the interest of the United States Marshals Office.
The billionaire further mentioned that Arkham has created a token (ARKM) that allows users to seek information on wallet ownership and activities. Draper says the token is performing strongly and contributing positively to his portfolio. As CNF mentioned, the ARKM token debuted via Binance Launchpad in July 2023. By March this year, Coinbase included ARKM in its listing roadmap, sparking controversy in the crypto community.
Draper’s early investments also include Handshake, a decentralized naming protocol. He highlighted the project’s potential to transform domain name registration and ownership through blockchain technology.
Additionally, Draper has invested in Bancor, a decentralized liquidity network. He sees Bancor as a key player in the DeFi ecosystem, enhancing market efficiency and providing liquidity for various tokens.
Moving on, Draper also disclosed investments in Tezos, a blockchain supporting smart contracts and Decentralized Applications (dApps). Draper believes Tezos is a good option for projects needing scalable and secure solutions because of its focus on formal verification and governance.
As CNF discussed earlier, Tezos gained popularity after its 2017 Initial Coin Offering (ICO), which raised $232 million. The event’s success indicated the creation of a blockchain capable of threatening Ethereum’s dominance.
However, the success came with challenges, as Tezos became entangled in court challenges shortly after the ICO. The issue hinges on the control of the foundation that managed the proceeds. This internal conflict caused the project to stall and cast doubt on its viability. Despite the struggles, Tezos founders Arthur Breitman and Kathleen Breitman kept working behind the scenes, and Tezos successfully launched a mainnet in 2018.
Bitcoin At Crossroads
Overall, Tim Draper believes that smart contracts are essential for the future of investment and business operations. He gave an example of how a smart contract would enable him to use Bitcoin to invest in a company.
His comments come amid intense volatility around Bitcoin over the past week. The coin has had periods of high peaks and sharp lows, raising concerns and discussions in the crypto community.
As of this writing, BTC’s price has been trading at $62,126, down 0.48% in the past 24 hours. The 24-hour trading volume decreased by 20%, suggesting investors’ sentiment regarding the cryptocurrency is low for now.
