Tim Draper: Bitcoin Can Eclipse Fiat, Grow Into $100 Trillion Market Cap, 1,000x Higher Than Now
BTC Head Honcho: Bitcoin Could Grow A Thousand Times And Overtake Fiat
Crypto investors around the whole world are waiting for the revolution that was predicted by the creator of the digital asset, Satoshi Nakamoto. Bitcoin was created over ten years ago and people are eager to see this revolution happening, but the bear market gets on its way. Now, a prominent investor has affirmed that the revolution is just around the corner.
According to Tim Draper’s recent interview for TheBitcoinOfCryptoStreet channel, Bitcoin’s price and market cap can still skyrocket. Among other things, he talked during the interview about how the cryptocurrency market will grow exponentially in the long term, so people abandoning it now are making a huge mistake.
Draper explained that fiat currencies are worth around $100 trillion in the whole world and most of the money in the world currently flows in fiat. However, Draper believes that it is illogical to use these “poor” currencies while there are simply better ways to use the money.
He believes that fiat does not have enough transparency, it is easy to be controlled by central banks and subject to “ political whims”, so it makes no sense at all to use them. He also affirmed that a lot of talent is flowing to the crypto industry and that this will only make this form of money better with time.
In time, Draper defends, Bitcoin’s price will rise a thousand times higher than it is now because people will stop using fiat currency to simply use Bitcoin in its place. He has often said that people will laugh at you if you go to Starbucks and want to pay using fiat because it will be so outdated soon.
Despite some incoherences in Draper’s discourse, like the fact that he has already affirmed that he believes that only 50% of fiat will be converted into crypto and the fact that people would hardly spend their Bitcoin if its price would be growing so quickly, he remains coherent when affirming his belief that Bitcoin’s price will continue to be strong and climb.
A Blockchain-Based World
If the plans of Draper actually become a reality, the revolution will certainly be made. The world would turn into something a lot more blockchain-based than today. According to Draper, people would be more free and happy in a world like this, as decentralized technologies would take power away from the governments and put into the people’s hands.
This would be the perfect libertarian utopia (or dystopia, really, it just really depends on your political vision). In a world like this, power would be more decentralized and governments could “cease to exist”, according to some people, or simply be less present in people’s lives.
He also said that the blockchain technology will end up being more important for the world than the internet actually was, which is quite a strong prediction.
According to Draper, the fundamentals of the blockchain will have an impact in several areas like governance, real estate and insurance, for instance, and that these areas will be completely revamped by the technology. To Draper, the internet changed the world a lot, but areas like the government still continue to act just like in the 90s.
With the help of the blockchain, however, he says that the better days will come for sure and that the people who invest in it now will certainly receive several benefits in the future.
Draper Was Already Known For Questionable Investments Before
Despite Draper being a wealthy capitalist, this does not mean that his story is without failures. In a recent documentary called The Inventor: Our for Blood in Silicon Valley, Draper appeared as an investor of Theranos, a scam (which probably made him lose some money). During the documentary, he was seen using a Bitcoin tie, which has made some Bitcoin investors feel uneasy.
Obviously, his ill-judgment from the past does not mean that he is wrong about Bitcoin, just don’t think about him as some sort of guru who will solve all the problems in the world with his advise. Also, the scammer from Theranos also swindled several other prominent investors, so Draper was surely not alone in it.