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Tim Draper: Bitcoin Will Be at The Head of The Global Economic Change

November 29, 2018

Tim Draper, a well-known venture capital investor, who had previously predicted the rise of Bitcoin to $250,000 by 2022, is convinced that in the future the entire world economy will turn towards cryptocurrency and that Bitcoin will be at the head of all these changes. The statement was made on the sidelines of the World Crypto Con in Las Vegas, writes The Forbes.

According to Tim Draper, a global and decentralized currency – Bitcoin will gradually replace the existing $86 trillion of “political” money. He also believes that the blockchain and cryptocurrencies will abolish the role of governments in society.

As Draper says, currently the so-called “political”, that is, state currencies are around $86 trillion, while the total capitalization of the entire crypto market is about $150 billion. This ratio, he believes, will inevitably change, primarily because cryptocurrencies are faster and cheaper to maintain. “When we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less. 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,” said Draper.

According to him, it will be a big mistake to try to cling to the old traditional currencies, and that is why small countries are becoming more and more open to cryptocurrencies, ICO and blockchain technology. And this is also what the US needs, he stressed.

He also says that not much time will pass before the ratio between cryptocurrencies and fiat currencies becomes 50 to 50, and it will be easier to spend and/or invest bitcoins rather than dollars. “I tend to move my dollars into bitcoin, because I think, well, why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.”

He also said that he would like to create a venture capital fund that would operate exclusively in Bitcoins. “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,”  added Tim Draper.

In October, Tim Draper confirmed his previous forecast for $250,000 per Bitcoin by 2022 and also stated that to regulate the industry, it is enough to write a one-page law, which only registers the process of registering and launching ICO projects.

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