Banks are Feeling Threatened of Bitcoin and for Good Reason, Tim Draper

    • A new opportunity for a new currency
    • Governments have to adapt to not control through currency

    Venture capital investor and Bitcoin bull Tim Draper currently in an interview shared how currencies today are based on faith in the government. But Bitcoin is a currency that isn’t backed by the government rather frees us from that control.

    These fiat currencies, he said started as a promise of gold but not a promise that the government will back you up.


    “all of a sudden, we have a currency that is not tied to a government and not tied to a geographic territory,”

    said Draper.

    “That frees us because governments have always used that currency to control us,”

    he added.

    Governments control people by keeping control of their currency, but with Bitcoin, we can operate across borders much more easily and further move money all over the globe. The digital asset also reduces friction significantly.

    A New Opportunity for a New Currency

    Draper further pointed out the reason behind the banks being so big and rich, two and a half percent of every transaction that we do is picked by credit card companies and banks get the bulk of that.

    But now that people use Bitcoin, this would go away and

    “banks are feeling threatened and for good reason.”

    Moreover, if you use bitcoin instead of dollars, the bank does not control your BTC. As such, there is a new opportunity for a new currency that is not just frictionless and transparent but also open, cross border, and a

    “great store of value.”

    According to Draper, Bitcoin is going to be faster and cheaper than the Visa network. However, currently, it is much lower than the credit card processing companies like Visa, and Mastercard at around 800,000 transactions per day.

    But the network has also seen a huge amount of money being moved with just a small fraction of fee paid in the traditional payment system.

    And Govt. has to Adapt to Not Control through Currency

    “It’s a sea change,” said Draper adding, there is a new technology that is better, faster, and cheaper than anything else out there. “

    “We are gonna move that way,”

    said Draper which means, governments have to figure out how they are going to adapt to not controlling everybody through the currency.

    Recently, Draper, who has been standing firm on his $250,000 price prediction for Bitcoin, said it is a conservative number for the leading cryptocurrency. He said $250k would mean BTC would have 5% of the market share of the currency world and that may be

    “understating the power of bitcoin.”

    Moreover, as it becomes easier for people to use the flagship cryptocurrency, they would make the decision that they like it better than fiat because

    “they know that their fiat will depreciate in value,”

    he said.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$8,631.4490 change ~ -3.19%

    Coin Market Cap

    $156.83 Billion

    24 Hour Volume

    $8.15 Billion

    24 Hour VWAP

    $8.95 K

    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Open Interest on CME Bitcoin Futures Outgrowing BTC Price

    If BTC closes above the 200-day moving average, just above $9,000, we could see $10k Institutional investors leading the way for a new...

    Here’s How DeFi’s Smashing Growth Puts a Trillion-Dollar Case for Ethereum

    Total USD value locked in DeFi surpasses $800 million creates “a new paradigm for global finance” with one common theme Ether The trillion-dollar...

    This Uncannily Accurate Bitcoin Chart from Dec. 2018 Predicts a New ATH in 2020/21

    Analyst ‘s post from Dec. 2, 2018, correctly predicts Bitcoin’s bottom and momentum in 2019 Bitcoin price is currently hovering around $9,000 after surging...

    Lawmaker Proposes Bill For State-Chartered Institution For Blockchain & Crypto Innovations

    An Oklahoma lawmaker has come forward with the proposition of creating a financial institution chartered by the state and that functions as a central...

    Block.One's ‘Voice' Social Network Has An Open Door Policy To Other Blockchains, Not Just EOS

    During its June ICO, had indicated that its Facebook rivaling social network dubbed Voice, would be launched on the EOS network. However, plans...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.