Draper bought nearly 30,000 bitcoins in a 2014 U.S. Marshals Service auction, and told CNBC in December he was still holding all those coins. If that is still the case, Draper’s holding is worth about $268 million at Monday’s prices.
The opposition in Saturday’s debate, Financial Times Managing Editor Gillian Tett, highlighted nefarious uses for bitcoin, its volatility and risks to investors. Draper responded that he is “more secure in my bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Overstock.com CEO Patrick Byrne debated alongside Draper in favor of bitcoin, and was equally bullish on its security.
“This has been hacked at more than anything in history and has never been defeated,” Byrne said. “Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”
Byrne is in the process of reorganizing Overstock’s retail business to focus on blockchain, the technology behind bitcoin.
While there are more than 1,500 cryptocurrencies in existence according to CoinMarketCap.com, Draper said bitcoin has an “enormous” lead will likely win the “long-term crypto battle” because of its market share.
Bitcoin dominated about 38 percent of the global market capitalization as of Monday. Ethereum is the next biggest, making up roughly 16 percent of global market cap, while ripple comes in third at about 8.5 percent.