Between late 2017 and early 2018, the vast majority of the industry was talking about how Bitcoin and cryptocurrencies would rule the world. However, skeptics took over from late February 2018 to this point; this is, during the long bearish market that has seen the planet’s most widely-known coin going from almost $20,000 to below $3,300. The debate is of course, still open.
The latest crypto personality to join the debate with his statements about the future of money, cryptocurrencies, and Bitcoin was Tim Draper, the influential venture capital investor and worldwide known billionaire.
And his predictions could not have appeared at a better time, as Bitcoin is, at the moment of writing this piece, rallying hard to finally surpass the $4,000 mark that has been so tough to break for the last couple of months. Draper, a famous bitcoin enthusiast and defender, explained that in five years from now, cryptocurrencies will rule the financial and economic landscape in a global scale.
Not only that, but Draper also states that criminals will be the only ones in the society that will be managing fiat currency when that time comes. That way, he leaves his opinion crystal-clear: cryptocurrencies will become universally accepted and widespread. The crypto personality provided his remarks in an interesting interview with Fox Business, a US-based financial TV channel, on Monday, February 18th.
A Matter of Convenience
It is not the first time that Draper, known for investing in a number of crypto projects, states that fiat money will become obsolete at some point in the not so distant future. Explaining his statement, Draper said that criminals will be the only ones using fiat because the blockchain can track those who use cryptocurrencies.
“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin,” he said, painting a picture about what the future of money, a highly controversial subject in many locations, could be by 2024.
There is some validity in Draper’s claims. For example, a DEA (Drug Enforcement Administration) agent observed in the summer of 2018 that she preferred criminals to use cryptocurrencies and not fiat money, because among the numerous benefits of the blockchain technology is providing tools to track and identify cybercriminals.
One of the deciding factors in the future for people to try to save their assets and actives will be the security of those funds. Which platform is safer; banks or Bitcoin? According to Draper, the answer is quite easy. In the interview with Fox Business, he emphasized that his money in the bank will not be as safe as his money in BTC. “My bank is constantly under a hack attack,” whereas, according to his own words, Bitcoin has avoided such breaches.
The Bitcoin Enthusiast
Draper was questioned about the amount of crypto he holds, to which he replied with a short, but powerful “a lot.” He says that Bitcoin and altcoins are the future and it makes no sense fighting about that reality.
Draper has said in the past that he expects Bitcoin to be worth as much as $250,000 in 2022. Those remarks are from April 2018, and he recently stood up by them.
By Andres Chavez