Woofun AI reports that Tim Draper attributed his initial decision not to invest in Coinbase to the belief that widespread retail crypto adoption would take considerable time, rather than a lack of confidence in CEO Brian Armstrong. Draper noted he had already invested in the early Bitcoin company Coinlab, which influenced his hesitation, while his son Adam Draper wrote the first check to Armstrong. Draper later joined Coinbase's next funding round, and the firm, co-founded by Armstrong and Fred Ehrsam, eventually listed on Nasdaq under ticker COIN. Draper stated that Coinbase has become a representative investment of Draper Associates Fund V, with returns from the platform alone nearly doubling the overall size of the fund.