Billionaire Venture Capitalist Tim Draper: Bitcoin’s Technology has Potential to Disrupt Governments

Tim Draper, a billionaire venture capitalist, and a big-time bitcoin bull recently talked to the Wall Street Journal where he discussed the role of technology especially the emerging techs such as AI and blockchain in the future.

Draper said that just like the internet boom in the early 2000s changed the face of the world in every aspect be it banking, shopping, communication, gaming, entertainment, and media.

In the same way the emerging techs today would definitely disrupt a lot of industries including finance and at some point even governance. Draper said,

“The technologies that are coming out now, artificial intelligence, bitcoin, blockchain, smart contracts, they have the potential to transform the biggest industries in the world. And those are finance and banking and commerce and insurance, health care, the government itself.”

Governments who resist the change would be left behind in the race

Draper believes the technological transformation is inevitable and governments around the globe need to realize it sooner than later.

Countries that keep an open mind and try to involve themselves by studying the upcoming trends will go a long way, while those who put a lot of resistance against the change and try to confine themselves to their geological boundaries will be left behind. He said,

“Governments that are open and governments that are virtual are going to be big winners of the next 40 years. And the countries that are putting down more regulations that are trying to limit themselves to their own borders, the countries that are looking backward in time, are going to be the big losers.”

“You have to embrace change and embrace technology if you want to be the first world. If you don’t, if you push it away…you end up being the leaders of the past or the world that lives in the past.”

Draper believes the change would be drastic and would create quite a turmoil but it would create a new world of opportunities for entrepreneurs and not everything would be dominated and monopolized by the big corporate firms.

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