Cryptocurrency Billionaire Trying to Split California Into Three States…

Tim Draper, the billionaire venture capitalist and legend in the world of cryptocurrency, has an idea: Let’s split California into three separate states.

There are at least five reasons why this idea is doomed from the start, but first, here’s his case:

The way Draper sees it, smaller states would be run by more efficient and less bureaucratic governments as they compete for residents and business. Education, safety, infrastructure and health care would improve. Taxes would be lower. And the investor who made a name for himself funding tech giants like Hotmail, Skype and Tesla Inc. says he “won’t have to think anymore about moving myself, Draper Associates, the Draper Venture Network and Draper University out of California.”

Draper — who scored a huge windfall a few years back when he bought a load of bitcoin that had been seized by the U.S. government— has gone from being a Democrat to Republican to Libertarian to, well, his own party that believes California’s government’s problem is that it lacks competition. The party platform is simple: break up California.

Draper says he’s already gathered more than 600,000 signatures for his initiative, almost double the number he needs to get his plan on the ballot come Election Day. He still needs to get the signatures verified and confirmed by counties by June 13.