A fresh Medium post saw the well-known billionaire investor Tim Draper praise Bitcoin’s potential for democratic reform. In fact, Draper said that Bitcoin could fundamentally change how governments all over the world operate.
Draper says Bitcoin could bring down dictators
In this Medium post, Draper calls Bitcoin a “startup currency” to the “startup religion” that crypto can bring about. Specifically, Draper says that geographical barriers will become less important as crypto brings increasing decentralization.
“With Bitcoin, and the decentralization that comes with Bitcoin, geographic borders have become less relevant.“
Furthermore, Draper went on to say that this effectively means that people are no longer “at the mercy of dictators and toll trolls to grow the world economy”. Although this is naturally somewhat exaggerated, the core message holds true.
As Bitcoin and crypto becomes increasingly commonplace, this will have a far-reaching effect on nation states all over the world. Moreover, this will reduce the importance of fiat currencies – and give people ready access to alternative means of payment. Draper goes on:
“Venezuelans, Nigerians, and Venezuelans now have a currency that can get them out of the clutches of failing government currencies. And while in the short-term we may have some governments with (control freak, fear spreading) leaders trying to turn this technology into their own power center, in the long-term I believe with regard to business and economics, we are, more than ever, one world.”
Draper also talked global health care policy, pensions
Furthermore, the Medium post saw Draper issue a criticism of those who reject Bitcoin, and by association, cryptocurrencies in general. As such, Draper said that “tribalism is dying” and that those clutching on to a more fragmented world are misguided.
“Tribalism is dying. And like the dying roar of the king of the jungle, we are hearing political leaders beat their chests as they try to cling to the power they once wielded when the world was still only tribal.”
Moreover, moving away from how Bitcoin can “bring down dictators”, Draper also discussed health care policy. Draper foresees a “global health insurance policy”, which is more effective than existing alternatives.
In addition to this, he also said that this would be a health care policy “where the premiums are in bitcoin and the claims are settled to the letter with smart contracts and monitored by artificial intelligence.”
As such, Draper argues the system could be massively improved through smart contracts and blockchain-inspired technology. This was not all, however, as Draper also suggested a pension that is “is simply a form of fixed smart contract”. Consequently, it is clear that Draper believes Bitcoin will affect far more than just payments.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.