Billionaire venture capitalist Tim Draper says lack of “exciting” volatility in the initial public offering (IPO) market could see an influx of investors to bitcoin (BTC) and other cryptocurrencies. Speaking to CNBC, Draper also echoed the familiar sentiment of cryptocurrency and blockchain technology being akin to the early days of the Internet era.
Boring Public Markets Could Trigger Pivot Towards Bitcoin
In recent times, several companies like Uber and Lyft have made the transition to becoming public firms, after conducting their IPOs. Draper believes that these companies might not experience dramatic growth in their stock prices due to status as already recognized brands.
Commenting on the matter, Draper quipped:
“The public has gone ‘huh’ [sic], who cares. We’ve known about Uber and Lyft forever and it’s boring. It’s not going to grow at 100 percent a year, it’s going to grow at like 10 or 20 percent.”
According to the venture capitalist, investors are bored with the public market with the overabundance of regulations which can sometimes stifle growth.
Meanwhile, assets like bitcoin have grown by more than 120 percent since the start of 2019. The top-ranked cryptocurrency has so far outstripped the S&P 500 and the Nasdaq.
Speaking recently to CNBC, Mark Yusko, the CEO of Morgan Creek Capital Management described bitcoin as being a better bet than stocks. Some conservative estimates even put BTC’s end of year price in the $10,000 price region.
Since surviving a brutal bear market in 2018 that saw its value plunge by more than 80 percent, BTC has come on strong in 2019 reaching a 15-month price high.
Crypto Industry Looking a Lot Like the Early Internet Age
During the interview,