Billionaire Fund Manager Attempts to Murder 3,000 Year Old Gold with Twitter Post—New ATH's, Anyone?

Tim Draper, the billionaire venture capitalist who made his name throwing cash at SpaceX, Tesla, and whatever else seemed like a fever dream in the early 2000s, has logged back onto the internet to let everyone know that gold—the asset that’s survived empires, wars, and every dumbass economic theory of the past 3,000 years—is “dead.” His words. “Dead.” Because, in his view, it "just sits there," while Bitcoin, somehow, is out there "moving” and could buy you a coffee. Again, his words, not mine.  

(Source: Giphy) 

Now, this is the part where anyone with a functioning brain stem should pause and remember that Draper is the same guy who predicted Bitcoin would hit $250,000 by 2022. Spoiler: it didn’t. Then, because he apparently thinks reality is a suggestion, he moved the goalposts to $3 million by 2025. Right. And I’m that Nigerian Prince that sent you a DM last night. 

Anyway, after getting absolutely blasted by every goldbug and their grandmother, Draper tried to clean it up, posting the next day that he meant to say "gold is old," not dead. "Old money," "old thinking," etc. Classic foot in your mouth scenario there. Meanwhile, gold is laughing its a$$ off. In the middle of Trump’s tariff-fueled economic bar brawl, gold cracked $3,500 an ounce, shattering records while Bitcoin is trading around $94,000. Which is cool, until you remind every crypto mouth breather in existence that $94k is still 15% off its all-time high from January. 

(Source: Yahoo Finance) 

But, the reality Draper doesn’t want to face is that Bitcoin can’t pretend to be gold just because a bunch of tech dudes bought laser eyes on Twitter. Gold didn’t become a safe haven because someone said it was. It earned it by surviving every financial apocalypse humans could dream up. Bitcoin, however, flinches every time a whale sells 0.5 BTC or a bored billionaire tweets about it. Oh, and just to come back to what I said earlier, but ain’t nobody in their right mind is buying coffee with Bitcoin (per Draper’s twitter comment). Hell, most people aren’t even buying coffee with Apple Pay half the time without a suspicious look from the barista. Anyone pretending Bitcoin is a frictionless daily currency while it’s fluctuating $2,000 in a lunch break is either lying to you or trying to sell you something.

But, but, but… here’s the part where Draper might not be completely full of it. Bitcoin isn’t supposed to be gold today. It’s supposed to be gold in the world Trump is accidentally building. The one where geopolitics is a demolition derby, where fiat currencies are inflatable toys, and where trusting banks is about as smart as quitting your job to become a full-time penny stock trader after one Youtube ad at 3am. 

(Source: U-Today) 

Meaning, in that future, Bitcoin’s borderless, programmable, decentralized nature actually does matter. Draper sees Bitcoin not as a hedge for today’s chaos, but as a way out of tomorrow’s collapse. Problem is, he’s shouting “future” into a room full of people who are still too busy panic-buying gold every time Trump sneezes near a trade deal. Which also means, the real headline here isn’t that Draper thinks gold is dead. It’s that, once again, he’s trying to speedrun a generational shift that isn’t ready yet. Gold isn’t dead because old money isn’t dead. Boomers still control trillions of dollars, and they’re not moving it into magic internet coins because some bald venture capitalist posted about it from his Tesla.

Draper's mistake (and likely the trigger to the backlash) is his assumption that history moves at the pace of his imagination. It doesn’t. It moves like a drunk guy crossing traffic in the middle of the night: slowly, painfully, and probably while causing an accident. Bitcoin isn’t replacing gold today. It’s fighting for the right to even be in the conversation. And right now, gold is still sitting there, sipping whiskey, smoking a cigar, and being the shiny object of another Jim Rickards newsletter LOL. 

Jim Rickards (Source: X) 

Now maybe in five years, Draper will get his “I told you so”, along with Micael Saylor. Hell, maybe Bitcoin really does become the backbone of the next financial system. But until then, he’s just another rich guy yelling at a rock that’s been winning longer than his entire bloodline has existed. Of course, you can do whatever the hell you want with this information… but for now, don’t YOLO into crypto because some Microstrategy wannabe is coming out of the woodworks. Place your bets accordingly, and be smart. Until next time, friends…

P.S. Oh, I’m sorry, I didn’t know you liked getting rekt. Let’s face it, retail investors get the short end of the stick all day everyday. It’s the smart money’s world, and we are just living in it–only useful when it comes to liquidity purposes in the market. Meaning, if you’re as pissed off as I was when I found out Milli Vanilli was lip syncing the whole time, then it’s time to go from investing blind, to investing smart. Luckily for you, the key is right here as a Stocks.News premium member. Click here to see exactly how our premium members are printing while others quake in the face of today’s market chaos. 

Stocks.News holds positions in Tesla and Apple as mentioned in the article.