Tim Draper warns against the dollar and predicts a Bitcoin surge
Tim Draper, a venture investor is sure that Bitcoin (BTC) will attain widespread acceptance despite the current down market in cryptocurrencies.
In a recent interview, Draper predicts widespread Bitcoin adoption once the general public discovers BTC can be used for daily transactions.
“The multitudes will soon be arriving, and when they arrive, it will be all at once. Imagine being able to purchase food, clothes, and shelter using Bitcoin. There is no need to hang onto fiat money since it is inferior, it is related to political power, and it must pass through banks.
Bitcoin has far less friction and is worldwide
Bitcoin is robust enough to weather the present economic strains, which he compares to the Wall Street Crash of 1929.
“These are exciting times. I anticipated that this will have fits and starts as it evolves and becomes more widely utilised and accessible around the globe.
I am really enthusiastic about Bitcoin’s current state, and I do see this… Bitcoin is a superior technology, despite the fact that it appears like we’re seeing the equivalent of a 1929 market crash.”
Draper closes by restating his conviction in BTC and predicts that customers would lose faith in the currency and invest instead in Bitcoin. He says that although bigger countries see Bitcoin as a danger, weaker ones may take advantage of the economic opportunities it presents.
“I’m a huge believer. I’ve continued to purchase Bitcoin throughout the years because I believe there will be a dollar run at some time.
Undoubtedly, there have been runs on the peso in the Nigerian naira, but there will also be runs on the dollar when individuals flee the dollar for Bitcoin.
Highly thrilling moments. I am aware that Bitcoin will face further obstacles in the future, but it is superior money, and things that are better for the customer in the long run often prevail.
you may expect to see central banks and governments becoming a bit anxious… “Big governments are becoming anxious; small governments see this as an opportunity.”