Despite continued interest from major payments companies and thought leaders, the price of bitcoin has declined in recent weeks, as optimism surrounding New York’s proposed bitcoin regulation gave way to backlash and the market grappled with the widespread use of new and more complex financial tools.
Both factors were recently cited by bitcoin hedge fund Pantera Capital as reason’s that bitcoin’s price has declined since July. In that time, the price of 1 BTC has fallen from close to $650 amid heightened interest from investors at the time of the US government’s auction of roughly 30,000 BTC to a value of $472 at the time of publication.
Still, it’s arguable that no investor has been more exposed to this recent price decline than noted venture capitalist and Draper Fisher Jurvetson (DFJ) partner Tim Draper, who on 2nd July revealed he purchased all of the nearly 30,000 BTC seized from now-defunct online black market Silk Road and sold by the US government.
In a new interview with CoinDesk, Draper revealed he has been surprised by bitcoin’s recent decline in value, though he remains optimistic in its long-term value as an asset.
Draper told CoinDesk:
DCC Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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