“South Korean media must apart itself from new on old-generation politicians and talk about new and decentralized world news.” said Chairman Tim Draper of DFJ.
“South Korean media must know what young generations want to know about IT and what messages they want to send.” said Chairman Draper after meeting with The Electronic Times. “Leaders in cryptocurrency industry are not interested on what President Trump has to say. His saying only impacts commodity money ecosystem.”
He also emphasized that it is difficult to see what South Korean politicians talk about blockchain as true blockchain-related news and that approach needs to be changed completely.”
“Bitcoin (Proof of Work) and Tezos (Proof of Stake) have their own mining methods and these are governance that leads their worlds.” said CEO Draper. “Because cryptocurrency is decentralized and issues regarding cryptocurrency also have tendencies to be decentralized, it is difficult for normal individuals to understand new world.”
“A media that handles a new world will become a media with unique domain.” said Chairman Draper while mentioning creation of cryptocurrency index from Bloomberg index as an example.
Tim Draper is the founder of Draper Associates and DFJ and he invested in Hotmail, Skype, Twitter, Baidu, Tesla, and Space X.
Some of his main blockchain investments are global cryptocurrency exchange called Coinbase and third-generation cryptocurrency ‘Tezos’. He also invested into Korbit and Coinplug 4 years ago. Currently, number of blockchain investments made by Drape Fund is between 40 and 50.
Chairman Tim has shown special interests in South Korea as his father and father-in-law were both veterans of Korean War. He pointed out that development of North Korea’s economy has been slower than that of South Korea as North Korea has been maintaining closed society and that North Korea needs to be more open than South Korea when it comes to blockchain.
“I have plans to enter South Korean Government once South Korean Government allows ICO (Initial Coin Offering).” said Chairman Draper. “To make that plan come true, I am going to form a fund with The Electronic Times.”
“I am not sure why South Korean Government is prohibiting ICO.” said Chairman Draper. “South Korean Government is halting growth of younger generation as it prohibits younger generation from making investments. If it is worried about losing its assets, then it should focus on protecting older generation.” He offered suggestions such as limiting amount of investments or paving ways for younger generation to make investments.
He showed optimism that cryptocurrency will one day replace commodity money. Previously, Chairman Draper estimated that price of Bitcoin will jump more than 35 times by 2022 compared to its current price. “As applications of Bitcoin become wider, people will have choice on using Won and dollar or Bitcoin.” said Chairman Draper. “Since cryptocurrency is not affected by borders, people from online commerce will start using cryptocurrencies over commodity money in few years.”
Staff Reporter Ham, Jihyun | goham@etnews.com