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26 May 2024
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Tim Draper: “fiat money unnecessary within 5 years”

During an interview with Fox Business, Tim Draper again made a number of interesting and optimistic statements about bitcoin (BTC). Draper is a well-known venture capitalist and has been very positive about the future of bitcoin.

Draper said during the interview that in about two years we will be able to buy our cup of coffee with bitcoin. Striking is his statement that ultimately only criminals want to use fiat money, because everything that is done with bitcoin is recorded on the blockchain. In the interview he said:

Only criminals will want to work with cash, because they will get everyone who tries to use bitcoin.

Draper also briefly went into the recent news that the big American bank JP Morgan will launch its own cryptocurrency. JPM Coin is a crypto that will be used to settle transactions between customers of the bank, something Ripple sees as a slap in the face. Draper said that this crypto will eventually stimulate more interest in bitcoin:

Not many bitcoin knock-offs have succeeded, but they all contribute to the interest in bitcoin.

As soon as banks accept bitcoin, Draper will convert everything “to BTC”. This statement emphasizes even more the confidence that he has in the largest cryptocurrency in terms of market capitalization.

Draper is known for his astronomically high predictions. In an earlier interview, he predicted that bitcoin would be worth $ 250,000 by 2022. BTC, however, still has a long way to go with the current value of $ 3,978.

Over the past few months, the cryptocurrency market has suffered considerably from plummeting prices. Since the end of 2017, some cryptos have lost almost 90% of their value. However, the tide now seems to be slowly reversing after almost the entire crypto top 100 experienced substantial increases yesterday.

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