Billionaire Bitcoin Bull Tim Draper: The Crypto Takeover is Inevitable, Only Criminals Using Cash in Five Years
Everyone in the cryptocurrency and traditional finance industries has an opinion about how the related technology will unfold in the years to come. Tim Draper, known in the market as a Bitcoin bull, believes that the next five years will hold such considerable progress for the crypto industry that the only ones left using cash will be criminals. His claims were made during an interview with Fox Business.
Draper has already stated in earlier interviews that he thinks that fiat currency will become obsolete by 2024. In August last year, even an agent of the US Drug Enforcement Administration (DEA) said that she prefers the use of cryptocurrencies, considering the way that the blockchain can track any possible suspicious activity,
In Draper’s opinion, the only reason to use cash by that point will be to avoid being tracked on the blockchain, which is something he thinks only a criminal will want. He added, “The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”
He added that he sees money in a bank as lacking in the security that Bitcoin and the blockchain offer. He said that, while no one has managed to hack Bitcoin’s blockchain in all this time, “my bank is constantly under a hack attack.”
In pointing out that his Bitcoin is better protected than a dollar would be, he compared the process of cashing out of Bitcoin to that of cashing out gold to receive shells instead. He thinks that choosing to convert from Bitcoin would be like going back to an old and archaic version of the finance industry. Though he would not speak on exactly how much crypto he holds (as if someone would), Draper simply said that he has “a lot.”
The statements made by Draper are fairly similar to that of Jeremy Gardner, a younger Bitcoin supporter and millionaire. Gardner had commented before that terrorism and criminal activity are provided with a more fruitful breeding ground in the current financial system, and he does not see blockchain with the capability to do the same.
In November last year, Draper reiterated a prediction that he made about Bitcoin seven months prior, saying that he sees its value reaching $250,000 per coin by 2022. Even though Bitcoin has seen some growth lately, it presently is valued at $3,922.60 with an increase of over 8% in the last 24 hours.