Bitcoin will own 5% global market share, Tim Draper says

Draper Associates founding partner Tim Draper is doubling down on bitcoin telling FOX Business’ Liz Claman the cryptocurrency is on a path to boosting its own market share.

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“I am a believer that in four years, something like that, bitcoin will be a 5 percent market share of the earth,” he said during an interview on “Countdown to the Closing Bell” Thursday from the SALT conference in Las Vegas.

Bitcoin rallied to trade above $6,000, hitting its highest level since Nov. 14. The price of a single bitcoin increased by more than 5 percent in the past 24 hours from around $5,800 to $6,098.

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In 2014, Draper won the U.S. Marshals Service auction for nearly 30,000 bitcoins at $632 per coin, an investment, he said, is currently worth 10 times as much. Draper is so bullish on bitcoin that he eventually wants to create a fund using its blockchain technology to eliminate the cost of accounting and bookkeeping.

“[Bitcoin] is a better currency. It’s decentralized, open, it’s transparent. Everybody knows what happens on the blockchain,” he said.