HomeBitcoin NewsTim Draper: Cryptocurrency Will Take Over Finance

Tim Draper: Cryptocurrency Will Take Over Finance

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

Whales Snag $1.38 Billion Worth of BTC In One Day

June 11 saw Bitcoin Whales purchase over $1.30 billion...

BTC ETFs See $226.2 Million Outflows on Thursday

BTC ETFs saw $226.2 million in net outflows in...
spot_imgspot_img

Venture capitalist Tim Draper isn’t letting the latest Bitcoin crash get the best of him. He’s still betting on the digital currency and says it will lead the future of finance.


Crypto Will Dominate Because It’s Cheap

At the World Crypto Con in Las Vegas earlier this month, Draper reaffirmed his position that Bitcoin will reach $250,000 by the year 2022. Furthermore, he believes the entire economy will eventually pivot to digital currencies, and trusts Bitcoin to lead the way.

Discussing the benefits of digital currencies, he mentions:

They’re frictionless, they cost you less. I mean, just by that alone, it’s going to be better for people, and so they’re going to move to crypto, and they’re going to go away from the political currency. They call it fiat.

Conquering the Monetary Industry

Draper believes that eventually, cryptocurrencies will account for at least half of the world’s currency value:

That’s the way it’s going to move, and so the countries that are forward thinking are saying, ‘This is the way it’s going to be,’ so we’re going to make a huge mistake by trying to cling to our old currency, and that’s why you’re seeing the smaller countries all say, ‘Yeah, we want bitcoin, we want initial coin offerings (ICOs) here, we want the blockchain. We want all these things in our country.’

According to Draper, there is approximately $86 trillion in fiat currency all around the world which is respectively tied to certain countries’ fortunes. At press time, cryptocurrency only accounts for about $150 billion of the world’s total money supply.

Simplicity Is the Goal

However, he’s confident the ratio will eventually switch to a 50-50 balance, in which both fiat and crypto share equal positions in the global financial market. Explaining once again that cryptocurrencies are both frictionless and cheaper to operate, he states:

It will be easier to spend and invest your bitcoin than it is to spend and invest your dollars. I tend to move my dollars into bitcoin because I think, well, why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.

Everybody’s Welcome in the World of Bitcoin

In the meantime, Draper says he also has plans to open a Bitcoin venture fund:

Eventually, I want to be able to raise a fund that is all bitcoin, invest it all in bitcoin into a bunch of different companies and have them pay their employees and suppliers in bitcoin, and then no accounting fees, and it’s done automatically, and it’s all built into smart contracts so that if one of those companies gets sold, I push a button and it just shoots into all their bitcoin wallets.

Like Draper, do you believe Bitcoin still has a chance? Why or why not? Let us know in the comments below.


Image courtesy of Wikimedia Commons

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img