Tim Draper Claims Transition to Bitcoin Is Inevitable, Pushes Govt to Forgo Control Over Consumers
Tim Draper is a well-known venture capitalist worth billions of dollars, and he has made some smart investments over the years. Establishing himself as an early investor in Skype, Hotmail, and Tesla, it is clear that he knows how to pick and choose lasting investments. During an interview with TheBitcoinOfCryptoStreet, he said that the government needs to make the transition from controlling the public to serving them, reports Daily HODL.
The interview discussed how cryptocurrency is independent of any country and government, while the government can control citizens with their currency. However, Draper proposes that the government start thinking of the ways to “attract” individuals to come and be a part of their country, rather than having the mentality that the citizen works for the government.
Draper suggests that the Japanese government has already gotten on board with this type of mentality, adding that Bitcoin is considered a national currency. As a result, there have been plenty of people gravitating towards Japan, under the impression that the country is forward-thinking in their approach to helping citizens. Considering that no other country is really taking on this kind of role, Draper believes that there is a crucial need for countries to serve their countries, as opposed to the alternative.
Overall, there is clearly no faith that Draper has in fiat-currency from the governments and their ability to last over the long-term, at least with cryptocurrency in the space. Overall, Draper expresses a “bullish” stance with cryptocurrency, because he does not think that the opportunity between freedom in cryptocurrency or restrictions in fiat currency will result in choosing the latter.
Still, he points out the point of his remarks is due to the “transition,” since he sees a “certain amount of time” being necessary to make it easier to trade in Bitcoin instead of fiat currency. He adds that younger people are more willing to accept Bitcoin as payment since they believe in Bitcoin’s potential for being a store of value. However, people that are “35 years or older” are more likely to stay in their traditions and prefer to use fiat currency.
Projecting how the industry will evolve, Draper says he “kind of gave it four years,” during which time engineers would be building up Bitcoin. With this time, the industry would also have the time to make the evolution of Bitcoin to span across the rest of the world.
The interviewer asked about Draper’s preferences with altcoins, which he declined to answer. However, he decided to discuss his motivations behind investing in altcoins, saying that they often involve
“a lot of work.”
He seeks out altcoins with new technology, adding that anyone that creates an altcoin just for that accolade
“might as well be Bitcoin.”