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Who Bought All the Bitcoin? It's Tim "Six Californias" Draper

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    NEWSLETTERS

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    Tim Draper has the drug money. Every last blue bitcoin of it.

    The cash seized during the federal raid on Silk Road, the online drug marketplace allegedly run by a San Francisco-based man, was 30,000 bitcoins.

    And those bitcoins have sold at auction to Tim Draper, the eccentric Bay Area entrepreneur who recently made headlines for wanting to carve California into six parts, according to Medium.

    The price Draper and his "bitcoin trading and storage startup Vaurum" paid is not yet known, though online scuttlebutt says he paid more than market prices.

    At over $600 per bitcoin -- the digital crypto-currency is now trading at near $650 -- that's over $19.2 million, PandoDaily noted.

    What can one man possibly do with so much volatile currency?

    "[P]rovide liquidity and confidence to markets that have been hamstrung by weak currencies," Draper said in a statement posted on Medium.

    In essence, he wants people to rely on bitcoin rather than their country's money, noting that "no one is totally secure in holding their own country's currency."