Venture capitalist Tim Draper shared on social media platform X on Jan. 22 reflections on his earliest bitcoin purchases, an early loss linked to custody failures, and the long-term conviction that emerged from seeing digital currency as a tool for financial inclusion rather than a technical breakthrough.

He said:

“I initially bought bitcoin for $4 per coin. Not because I understood the tech (I didn’t). Not because I saw the future (I couldn’t). But because someone explained how digital currency could change the world for people who didn’t have traditional banking access.”

Draper then described the structure of his first major allocation, writing: “I had committed $250K to Coinlab and another $250K to purchase coins at $4 per coin when Peter Vinceennes (founder of Coinlab) said he’d mine it for me.” He also described a defining early loss: “Peter tried to store the bitcoin at Mt. Gox, and the money ‘disappeared.’” Draper went on to explain how the experience did not end his involvement with bitcoin, but instead reinforced the importance of resilience and long-term thinking during a period when exchanges, custody practices, and regulatory clarity were still emerging.

Read more: Tim Draper Bets Big Again, Calls $250K Bitcoin in Six Months

After recounting the Mt. Gox loss, Draper outlined his reentry into the market through a government sale. He wrote: “When the US Marshal’s Office auctioned 30,000 bitcoins, I jumped back in.” Expanding on the strategy behind the bids, he shared:

“I bid $632 per coin vs. market price of $618 because I believed bitcoin was truly changing the game. I won all nine lots. The price almost immediately fell to $180, but I held on.”

This followed a separate post Draper shared on X on Jan. 19 after an interview with the Divot team, where he revisited the same investment history, noted that bitcoin reached $10,000 three years to the day after his 2014 prediction, and then advanced a new call for bitcoin to reach $250,000 within six months, with further upside tied to network growth and waning confidence in the dollar.

• When did Tim Draper first buy bitcoin?
  He said he initially bought bitcoin at $4 per coin during its earliest adoption phase.
• What happened to Draper’s early bitcoin holdings?
  Draper said his bitcoin “disappeared” after being stored at Mt. Gox.
• Why did Tim Draper buy bitcoin despite not understanding the technology?
  He said the idea of financial inclusion for people without banking access drove his decision.
• What is Tim Draper’s latest bitcoin price prediction?
  Draper said bitcoin could reach $250,000 within six months and continue rising.

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