Bitcoin

Tim Draper: Crypto Will Surpass Fiat

Tim Draper: Crypto Will Surpass Fiat

The billionaire Tim Draper is untouched by the sharp recent sell of in the crypto market. He even explains that the global economy will shift towards cryptos in a not too distant future.

Crypto and Bitcoin prediction

Tim Draper is a huge bitcoin bull and has made several predictions during the past months. The one thing that is common for his predictions is that cryptocurrencies have the potential to grow tremendously over time. He stated, two months ago, that the crypto market can hit $80 trillion in 15 years. The way blockchain and cryptocurrencies are behaving at the moment resemble that of the internet a few years back before the technology took the world by storm.

However, in a more recent interview, he explained that bitcoin could reach $250,000 by 2022 if we think globally. He bases this prediction not only on strict economics but in the paradigm shift that Bitcoin and cryptocurrencies represent. For Draper, this paradigm shift means thinking globally.

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The transaction to becoming global might already be happening. According to a recent report, bitcoin is getting closer at overtaking Mastercard regarding daily transfers. Even so, Draper now announced that he is not worried even though cryptos had the steepest sell-off since April 2013, according to Forbes. Draper even reaffirmed his prediction that bitcoin price will reach $250,000 by 2022. Surprisingly, he added that he expects the entire global economy will eventually pivot to cryptocurrencies, with bitcoin leading the change.

How can the crypto market become a trillion dollar market?

Draper recently spoke to Mike Green of Thiel Macro on behalf of investor platform Real Vision. He did this during the World Crypto Con Las Vegas earlier this month and told them that cryptocurrency would eventually make up two-thirds of all the world’s currency value.

“Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,” said Draper. “I mean, just by that alone, just that they cost you less, it’s going to be better for people. And so they’re going to move to crypto, and they’re going to go away from the political currency—they call it fiat.”

He sees the bigger picture which means that short-term volatility does not unnerve him. Bitcoin is according to Draper a game-changing revolution. He says that he will use bitcoin for everything in the future and that cryptocurrencies are the currencies of the future.

“Eventually, I want to be able to raise a fund that is all bitcoin, invest it all in bitcoin into a bunch of different companies, and have them pay their employees and suppliers all in bitcoin. And then no accounting fees, and it’s done automatically. And it’s all built into smart contracts so that if one of those companies gets sold, I push a button; it just shoots into all of their bitcoin wallets,” Draper said.

Image Source: “Flickr”

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