April 4, 2019

Tim Draper: “No reason to have Fiat Currency in 5 years time”

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Tim Draper, American venture capital investor, founder of Draper Fisher Jurvetson (DFJ), Draper Associates, Draper University and now billionaire investor and known Bitcoin (BTC) bull has expressed his keen enthusiasm for the future of BTC and other crypto currencies.

In his latest interview on February 18th 2019 with American financial news TV channel, Fox Business, Draper stands bullish that “there will be no reason to have fiat currency in five years time”, and believes that the global economy will soon transition to crypto.

Draper elaborates further on this by stating

“nobody but criminals will keep using cash, since criminals who use crypto can be tracked via Blockchain”.

In less than five years, Draper has made an astounding $88 million from his BTC investments, after becoming first involved in 2014, making him part of the elite group of individuals in the crypto arena who are now crypto millionaires.

Draper stands strong in his prediction that the eventual price for BTC will reach over $250,000 by 2023 stating that “Bitcoins’ revolution is only just beginning”, and arguing that there is

“no sense to go back in time as the future is about Bitcoin and other crypto currencies”.

Crypto, like many other great inventions, such as the Internet, will experience its fair share of ups and downs, however, Draper unfazed by this predicts that “the crypto market capitalisation will rise to $80 trillion in 15 years and the markets will continue to progress ahead to take over fiat money, to make up two thirds of the worlds total currency value”.

3 major forces driving Tim Drapers’s belief in Bitcoin

  • Inflation is inherent in fiat currencies. Bitcoin is safeguarded from inflation due to its limited supply (21 million units).
  • Distrust in the centralised government issued currencies.
  • Globalisation will force the need for the world to use a single worldwide currency.
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