Prominent venture capitalist Tim Draper has spoken out against Bitcoin maximalism, stating that innovation and progress are the ultimate goal.
The legendary billionaire, who accumulated his wealth with successful early bets on Skype and other fledgling companies, has described himself as an "innovation maximalist."
In his most recent post, Draper has highlighted some key qualities of Bitcoin, such as transparency, immutability, and global acceptance.
At the same time, he stresses that there is not enough focus on innovative use cases enabled by Bitcoin.
Draper's altcoin portfolio
Draper's rejection of Bitcoin maximalism is not particularly surprising. After investing millions in BTC back in 2014 and becoming one of its most famous advocates, the venture capitalist has also not shied away from buying altcoins.
As reported by U.Today, he previously revealed that he owned some XRP during an investing conference back in 2020. On top of that, he said that his portfolio included Tezos (XTZ) and some other altcoins.
The billionaire also attracted criticism for showing support for Bitcoin Cash (BCH), the biggest fork of the leading cryptocurrency.
In 2020, he praised the controversial altcoin while also thanking highly controversial BCH advocate Roger Ver for promoting "innovation."
The tweet attracted intense backlash from members of the Bitcoin community, but it later turned out to be a hack. Draper himself deleted the post, clarifying that it was removed after he did more "research" on the topic.
Vladislav Sopov
U.Today Editorial Team