- Billionaire investor Tim Draper recently revealed plans to invest in Indian crypto startups.
- Draper's commented on the Indian Supreme Court ruling that revoked the central bank-issued crypto ban, stating that it was a good decision.
- He believes that the current crisis will have a positive effect on raising awareness of crypto and its benefits.
Tim Draper, a well-known billionaire investor, who won thousands of BTC after the FBI cracked down on Silk Road in 2014, recently revealed his new interest in the Indian crypto market.
The crypto situation in India has recently taken a positive turn, after the country’s Supreme Court decided that the central bank’s crypto ban should be revoked. The country’s Reserve Bank of India originally brought the ban in 2018, ordering all banks in the country not to provide services to crypto businesses. With the ban now revoked, some banks have already started serving crypto startups, while others are still hesitant.
Even though the central bank is currently building a case to try and return the ban, many believe that the crypto situation in India is moving in a positive direction for the moment, and Tim Draper seems to be among them. Yesterday, March 22nd, Draper tweeted that the Supreme Court’s move will create something of a crypto renaissance in India.
The best ideas will ultimately prevail, says Draper
Even before that, in an interview from March 21st, Draper said that he met multiple crypto and Bitcoin startups when he visited India recently. With the situation moving in a positive direction, he has expressed the desire to fund many of them, indicating that this might be his next big business move.
The venture capitalist also stated that the Supreme Court’s decision comes at a crucial time and that the benefits of using crypto will be highlighted as the global financial system continues to deteriorate. For him, the recent development in India shows that the best ideas will ultimately prevail and that cryptos’ abilities to transcend the limitations of traditional financial systems will become apparent during the current pandemic crisis.
This may end up being a long-term effect, but the current crisis will certainly allow people to recognize that Bitcoin is a better way to spread money and hold value, according to Draper.
Indian crypto space attracting major players
Of course, Draper is not the only one who thinks like this. Malta-based crypto exchange, Binance, was also among the early movers into the Indian crypto space, and it recently announced a Blockchain for India fund with WazirX. The fund in question offers $50 million for Indian crypto startups. Another $1.3 million pledge came from CoinDCX, with the goal of funding numerous initiatives that are trying to push adoption and raise awareness in the country.
Others are looking to enter the space as well, such as KuCoin and Kraken. Meanwhile, Binance and OKEx resumed their operations in the country within one day since the court revoked the crypto ban.