Tim Draper Plans to Invest in India’s “Crypto Renaissance”

Billionaire investor and the winner of thousands of Bitcoins (BTC) in the Federal Bureau of Investigation’s 2014 Silk Road auctions, Tim Draper has turned his eyes to India’s emerging cryptocurrency industry.

On March 22, the venture capitalist tweeted that the recent ruling of the Supreme Court to lift the Reserve Bank of India’s (RBI) ban on banks servicing crypto companies will accelerate a “renaissance” for the country’s cryptocurrency sector.

In a March 21 interview with Inc42, Draper said that he “met several Bitcoin and crypto startups” during a recent trip to India, noting that he “hope[s] to be able to fund a number of them.”

Tim Draper believes that economic woes worldwide will emphasize benefits of Bitcoin

The VC stressed on the crucial timing of the Supreme Court’s decision, believing that the deterioration of the global financial system will highlight the benefits of cryptocurrencies:

“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”

In a long term, Draper thinks that the ongoing crisis “will allow people to recognize that bitcoin is simply a better way to hold value and spend money than through our current banking system.”

Crypto firms flock to Indian market

Tim Draper is not the only one thinking that India’s crypto sector is a good investment opportunity. Binance and Wazirx announced their $50 million “Blockchain for India” fund on March 16, and Coindcx pledged $1.3 million in funding to initiatives to raise awareness and adoption of crypto in India on March 12.

Crypto exchanges, Kraken and KuCoin, have both released statements showing their eagerness to enter the Indian market.

Within one day of the Supreme Court’s ruling, both Binance and Okex had resumed operations in India through their respective local partners, Wazirx and Coindcx.

India’s crypto industry still faces uncertainty

Despite the widespread excitement for crypto industry in India, the industry still faces possible regulatory challenges.

In addition to a probable appeal from RBI on the Supreme Court’s decision, India’s parliament is yet to decide on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019.