Tim Draper now holds "a lot" of his portfolio in Bitcoin (BTC) after pulling his wealth out of public stock markets half-dozen months agone.

Speaking to CNBC on Feb. 24, the VC investor and series Bitcoin proponent revealed that he had significantly added to his crypto holdings since last twelvemonth.

Draper: "Uber drivers were twenty-four hour period trading"

"It'southward a lot, information technology'south a lot, a lot," he responded when quizzed near exactly how far his faith in Bitcoin extended.

"I'm but a believer — and I look and I say, 'Hey, this is but better.' Long term, people move to things that are better."

Draper was speaking in his feature Bitcoin logo tie equally stock markets plummeted worldwide due to concerns over coronavirus.

Continuing, he confirmed his exposure to the crisis was limited due to previous concerns that stocks were too "frothy."

"It but got besides frothy — the market got too excited and Uber drivers were doing day trading, all the signs were there," he said.

Draper added that his VC firm, Draper Associates, was all the same active in private markets. His other major crypto investment, Tezos (XTZ), has more than doubled since the get-go of the twelvemonth.

Buffett crypto criticism rejected

Many other remarks were already known to Bitcoin supporters, including a $250,000 price target, which Draper now feels will come by effectually 2022.

During that fourth dimension, the wellness of investments such as banks and insurers will change dramatically for the worse, he warned, disagreeing with comments almost Bitcoin from Berkshire Hathaway chairman, Warren Buffett, earlier on Monday.

"Of grade he'south worried," Draper retaliated.

In his latest anti-Bitcoin diatribe, Buffett claimed that cryptocurrencies en masse were not productive investments.

"Cryptocurrencies basically have no value and they don't produce anything," he told CNBC.

"So yous tin await at your little ledger item for the next twenty years and information technology says y'all've got X of this cryptocurrency or that — it doesn't reproduce, information technology doesn't deliver, it can't mail you a check, it can't practice anything. And what you hope is that someone else comes along and pays y'all more coin for it."

Equally Cointelegraph reported, BTC/USD remains the star investment of 2020, with twelvemonth-to-date gains at 1 point exceeding xl%.