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

Draper Associates Founding Partner Tim Draper gives his take on Facebook, Uber and the U.S.-China trade war.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.“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.MORE FROM FOXBUSINESS.COMBitcoin 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.CLICK HERE TO GET THE FOX BUSINESS APPIn 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.