Tim Draper, the American venture capitalist and bitcoin bull, has come out in opposition to India’s citizenship law.
Protests have been raging across major Indian cities around a recent amendment to the country’s citizenship law, which critics say is discriminatory on the basis of religion, AMBCrypto reported.
In a December 19 tweet, Draper stated that he was reconsidering his plans to fund businesses in the country because of its alleged stance on “choosing one religion over another.”
— Tim Draper (@TimDraper) December 19, 2019
According to PRSLegislative, a tracker for the Indian Parliament, the 2019 bill “seeks to make illegal migrants who are Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Afghanistan, Bangladesh and Pakistan eligible for citizenship,” but discriminates against Muslims.
The controversy around the act, which was passed on December 11, took the entire country to a tipping point. Initially, the protests were confined to the north-east regions of the country but soon spilled over into major cities like Delhi, Mumbai and Bangalore.
Draper Venture Networks, an “alliance of VC funds,” has major investments in India through Blume Ventures, a VC fund focused on investing in India’s growing start-up network. Headquartered in Bangalore, another flashpoint for the citizenship protests, Blume Ventures has, in its portfolio, popular Indian companies like Mech Mocha, HealthifyME, Dunzo, Unacademy and Railyatri.
Missed crypto opportunities
In a recent interview with The Wire, Draper commented on “India’s recent policy environment,” especially on the “bitcoin front,” saying the country could miss out on tech opportunities.
He said, “Governments that mess with currency advancements like bitcoin run the risk of being left behind.”
Draper’s latest prediction
Every time a bitcoin halving occurs, it’s been observed that prices skyrocket several months after the event takes place. That is precisely what Tim Draper is banking on for his new bold prediction for the most popular crypto, IBT reported.
Just last month, the billionaire venture capitalist, via a video call, spoke at the Malta AI & Blockchain Summit. He offered his audacious predictions for where Bitcoin’s price is heading in the future. He believed that a price of $250,000 for one bitcoin is attainable by 2023 – now, he thinks that’s possible by 2020.
Speaking at the BlockTV, Draper expressed his renewed forecast, and his timeline for when Bitcoin will hit $250,000 is just six to 12 months after the halving in May.