Bitcoin And Blockchain’s Effect Would Be 100 Times Bigger Than The Internet: Tim Draper

  • Bitcoin: A magic technology that allowed us to have a trusted global currency
  • This is a “big opportunity,” ten to hundred times bigger than the Internet
  • Beginning of one of the most amazing sociological changes in the history of the world

Recently in an interview venture capitalist, Tim Draper reemphasized on the potential of Bitcoin while comparing it with the Internet.

However, the Bitcoin bull argued that Bitcoin’s effect on industries would be as much as 100 times bigger than that of the Internet.

With the Internet, information, communication, media, entertainment, and gaming were transformed.

“Now we have new technologies and they start with Bitcoin. This is a magic technology that has somehow allowed us to have a trusted global currency that isn't tied to any political force and it's open, transparent, global, and frictionless,”

Draper said.

As for the technology behind Bitcoin, the blockchain, it also has other applications, he said.

Smart contracts in the blockchain that keeps the “perfect track” of money and data, according to him, would be an important part of commerce and business going forward.

Data is already becoming more and more important and as it evolves, artificial intelligence can be created to make judgment calls.

“If you start combining those technologies, they're bigger than the internet ever,”

Draper said.

Because blockchain, he said have to ability to transform not only banking, commerce, and finance but also insurance, real estate, healthcare, and government.

This is a “big opportunity,” as the industries to be affected by blockchain are “ten to hundred times bigger,” than the industries that were affected by the Internet.

This echoes his sentiment shared at the World Blockchain Summit hosted in Singapore when he said,

“We are in for one of the biggest transformation moments in the world.”

The discussions in the 13th global edition of World Blockchain Summit revolved around the outlook of blockchain, cryptocurrencies in 2020, legal and regulatory landscape, and the role of banks in the new digital ecosystem among others.

“This is the beginning of one of the most amazing sociological changes in the history of the world. We are in for one of the biggest transformation moments and it is happening in the next five to ten years. If you are issuing an ICO, this is your moment, this is the trillion and ten trillion dollar industries that you are going after.”

said Tim Draper.

Meanwhile, founder of Celsius Network Alex Mashinsky shared,

“Cryptocurrencies, blockchain and decentralization is a revolution. It is the fourth system that is here to replace what’s not working for 7 billion people that cannot rise to the middle-class.”

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