Tim Draper, an early supporter of Bitcoin, is of the opinion that there are many copies of Bitcoin and that they have no reason to exist.
No One Will Be Saying Crypto or Blockchain
Tim Draper, venture capital investor, and son Adam Draper, founder and CEO of Boost VC, a startup accelerator, conducted a Q&A recently with Forbes.
The topic revolved around Bitcoin, the blockchain, and what the future holds.
Bitcoin is the number one crypto asset. Yet there are now nearly 1,600 digital currencies, according to CoinMarketCap. In Adam’s opinion, the “caliber” on offer has been amazing. However, Tim states that most of these are simply copies and have “no reason to exist.”
He does add, though, by saying:
We are seeing others that we think are going to have profound effects on industry and government.
When it comes to the blockchain, Tim thinks the technology needs time to mature. He goes on to say that he looks forward to funding companies in Bitcoin who pay their suppliers and people in Bitcoin where everything is on the blockchain. He added:
I look forward to paying my bills in Bitcoin. I look forward to having all my legal contracts ‘be smart’ (in software) contracts. I look forward to seeing geographic borders dissolve around the world.
Looking to the future, Adam thinks no one will be saying “crypto or blockchain” in 2022. By then, he states it will be “integrated into all technology.”
Notably, Tim is still sticking to his $250,000 price prediction for Bitcoin by 2022, stating:
I think the products around Bitcoin, blockchain and smart contracts will make it much easier to do business via crypto — so there will be a major shift over these next four years.
In addition to his price projection, Tim believes that the fiat system will be replaced by cryptocurrencies by 2022 as well.
Last October, while speaking to Forbes he said:
In five years, if you try to use fiat currency they will laugh at you.
This idea may not be as crazy as it first seems. After all, a significant majority of the population already use their mobile phones to make online payments. Then there’s the case of using our credit and debit cards to make in-store payments. The move towards cashless has already begun, and with cryptocurrencies steadily making their way into the mainstream, it’s plausible to think they may eventually replace fiat.
Do you think cryptocurrencies will become the payment choice in five years? Let us know in the comments below.
Images courtesy of Shutterstock and Wikipedia Commons.