Tim Draper posted on Twitter saying that now is the time to exchange rubles for Bitcoin. He did not comment or specify any reason for his suggestion. Other users met the idea with scepticism.


The Russian currency experienced a dramatic collapse at the end of 2014. Several business media including Bloomberg and The Wall Street Journal in their end-of-year analysis listed Bitcoin and the ruble alongside each other as two of the worst investments of the year. BitPay used the image of the Russian mafia in their YouTube ad related to St Petersburg Bitcoin Bowl event.

The price of Bitcoin has dropped by 16% in the last two days and reached the point of around $260 when Draper wrote his post. The cryptocurrency is experiencing a significant exchange rate shift for the first time in the last two months.

Tim Draper has made considerable investments in the Bitcoin economy when he won approximately 32,000 BTC from the two US Marshals’ auctions of the Silk Road forfeiture in July and December 2014. Due to his vast purchase, he has a reputation as an enthusiastic bitcoin buyer.

"Tim, we know you'd be buying Bitcoin even if you were an Alaskan with three weeks to live", one of the twitter users responded to Draper's tweet.