Billionaire Draper Shuns China Investments Amid Capital Controls
- Other developing markets, bitcoin still offer appeal: Draper
- Expects strong uptake of cryptocurrency in new markets
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Billionaire investor Tim Draper, an early backer of Baidu Inc., has stopped investing in China-based companies because getting money out of the country has become too difficult.
China restricts the amount of money that can leave its borders to limit the pressure on the yuan and recently tightened capital controls. The moves have already scuttled some takeover deals.