They don't trust it. They think it could crash at any moment. And you know what? It can. So why hold bitcoin compared to a (relatively) rock-solid USD, Euro, or Renminbi? Tim Draper, as seemingly uninformed as he is, is onto the real issue with his venture.
Certainly, it could crash at any moment. There are still huge risks in this market -- it is still young and untested. The protocol could travel some very rocky roads in the future, and this will be reflected in the price action.