Tim Draper Emphasizes Cryptocurrencies Importance, Talks About Countries Embracing Blockchain
- Draper remains bullish about the future of Bitcoin
- He considers companies are embracing digital assets
There is a larger number of companies and institutions that are showing their interest in blockchain technology and digital assets. The venture capitalist Tim Draper, has also commented positively about the future of cryptocurrencies.
Tim Draper Bullish On Cryptocurrencies
The recognized investor Tim Draper believes that Bitcoin and virtual currencies are going to be expanding in the future. During a conversation with The Independent a few days ago, he mentioned that when people will go to Starbucks to buy a coffee and try to pay with dollars, they will laugh because most of the buyers will be using Bitcoin.
Mainstream Crypto Adoption Expected in the Coming Years
At the same time, he said that Microsoft, Amazon, Starbucks and Whole Foods are also accepting payments in digital currencies. This is something that shows that there is a continuous trend in terms of adoption of virtual currencies.
He has also mentioned that mainstream adoption will happen within the next years. He said that the virtual currency will be reaching $250,000 by 2023. That represents a price increase of 3,000% from the current prices.
Estonia, Malaysia Are Embracing Crypto and FinTech
Draper talked about other countries such as Estonia and Malaysia that are currently embracing technology for different uses. He believes that the leaders of several small economies are going to be moving forward by embracing digital assets as well. It is worth mentioning that Estonia had plans to launch a digital currency called Estcoin but it didn’t prosper because the European Central Bank (ECB) stopped it.
Furthermore, Draper explained that mainstream media was losing relevance and that it is possible to spread the correct news through social media platforms around the world.
About the impact of virtual currencies on the economy, he commented:
“There was the possibility that ICO would replace venture capital. I believe that (eventually) I’ll be able to raise a fund in Bitcoin, put it out in Bitcoin, have the entrepreneurs pay their employees and suppliers in Bitcoin.”
Moreover, with the implementation of smart contracts, it will be possible for them to receive their money in the correct moment without friction.