Tim Draper Still Became A Bitcoin Millionaire After Losing 40,000 BTC In The Mt. Gox Collapse

This crazy story caught my eye and I had to share it. Being an early investor and holding is hard, but losing 40,000 BTC along the way is devastating. Somehow Tim managed to pick himself up and get back to it, and it paid off big time!

It all started when Tim Draper (a well known entrepreneur and venture capitalists) was approached by a man that had to buy a $40 virtual sword for his sons birthday. He was shocked that people were buying virtual goods with fiat currency.

He thought about the idea of having virtual currencies in the future. This is when he stumbled upon Bitcoin! Peter Vesennes (a friend of his business partner) explained to Tim how bitcoin worked and what it was.

Tim did a lot of research an ended up investing into bitcoin when it was trading at $6. They also started mining bitcoin, but that did not go as planned as there were problems with the company that made the chips.

Most of Tim’s Bitcoins were held on the early bitcoin exchange Mt.Gox and lost in the collapse.

He thought it was the end, but after diving in deeper and really understanding the decentralization aspects of bitcoin along with being your own bank, he started buying bitcoin again!

In 2014, the US Marshalls auctioned off $18 million dollars worth of bitcoin. Tim ended up buying it all! His father wasn’t too happy with it and told him to stick with the dollar!

Tim is still holding his bitcoins and not selling anytime soom! It paid off big time for him!

There’s a really good YouTube video about this. I really recommend watching it.

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