Had a fantastic conversation on The Business Method podcast. We covered a lot of ground, from my early investment in Tesla, when no company had succeeded in making a US car company for 50 years, to SpaceX, when the only space innovations were happening inside governments, and to Bitcoin, where no venture capitalist would venture into a currency not controlled and run by a government. All of them are now what we call Chimeras, companies that we fund and reach $1 TRILLION in value (SpaceX is almost there). … and there is a lot more market for each of them to grow into.Bitcoin in particular could become the first $10 TRILLION business as global adoption accelerates. A few key takeaways I hope resonated: 🚀 On spotting winners: I invest in the controversial, the unusual, the ideas that seem a little crazy. If everyone agrees it's a good idea, an early stage venture capitalist is probably too late. 🌍 On global innovation: Freedom and capitalism drive prosperity. The Draper Innovation Index tracks which countries are most friendly to innovators… and wherever freedom reigns, entrepreneurs follow. 💡 On failure: The willingness to fail allows you to succeed much bigger in venture capital. I've passed this lesson on to my kids, and it's changed everything for them. They are great innovators and doers. Allowing yourself the freedom to fail also allows you to succeed beyond your visions. 🏛️ On regulation: Too many outdated rules are strangling innovation. Every law should have a sunset clause - the world evolves, and our regulations should too. Regulations should always lag innovation. When regulators anticipate every possibility, they stifle people, innovation and our economy, and they are usually wrong in their assessment of the risks of the future. We also discussed the Draper America Tour happening this fall for Meet the Drapers, building entrepreneurial cities, and why I think weak leaders try to control everyone while great leaders set clear guidelines, trust people and set them free. Check out the full episode for more on three generations of venture capital, why I bought 30,000 Bitcoin in 2014, and my record of hearing 104 entrepreneur pitches in one day.(Tim Draper)