Everyone will buy coffee with Bitcoin in two years. And five years from now, only criminals will use cash. Billionaire investor Tim Draper made these bold predictions in a recent interview on Fox Business. A Bitcoin enthusiast, Draper feels that his investments in crypto are safer than the money kept in banks. He urged everyone to start investing in cryptocurrencies little by little, before they become the main form of payment.
Bitcoin Will Change the World
An experienced venture capitalist, Tim Draper has always expressed a bull attitude towards Bitcoin. He has
a lot of money invested in crypto, he said to the Fox Business host. And be believes that blockchain technology will change the world – even governments.
Tim Draper has a track record of investments in innovative companies such as Skype, Tesla and Hotmail. He envisions a
virtual world in the near future. In a previous interview given for the same TV network, he said:
This is going to be the biggest change in the history of the world and it’s so exciting. I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.
Also, large scale adoption of Bitcoin will prove beneficial in more ways. Draper believes that blockchain technology will determine governments to compete for citizens, making borders irrelevant:
People will be able to move from one country to another based on which one is providing the best service at the lowest cost. Very similar to the way you choose a home or a cell phone, the same thing should happen in government and it will.
Only Criminals Will Use Cash in Five Years
Draper also stated that cash in fiat currencies will become nearly obsolete in the next five years.
The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin, he said. While fiat currency allows the parties to a transaction to remain anonymous, this is not possible in the blockchain. The transparent and traceable nature of transactions makes them impossible to keep undetected.
His statements are similar to Jeremy Gardner’s. Gardner, known as the young Bitcoin millionaire, believes that
the financial system today is much more culpable for things like terrorism and crime than blockchain technology perhaps ever will be.
Cryptocurrency Safer Than Banks
Draper is convinced that Bitcoin is easier to use by everyone and safer from attempted fraud and theft. In the interview, he even claimed that he believes his Bitcoin investments are safer than the fiat currency kept in banks. In his opinion, his bank is
constantly under a hack attack, while the blockchain has proven impenetrable to such attacks so far.
At the same time, Draper believes that Bitcoin has a higher value than the US dollar. He compared exchanging crypto into fiat currency with changing gold for shells. Also, Draper is convinced that the US still has the time to become a leader in innovation and the push towards a world where cryptocurrencies rule.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin UK.