Tim Draperfounder of Draper Associates and venture capitalist Billionaire, recently shared his thoughts on Bitcoin and the potential of the flagship crypto token to revolutionize the global economy. Draper specifically highlighted how BTC could replace the dollar and other fiat currencies soon enough.
BTC will replace the US dollar
Draper mentioned during a interview on Bloomberg that the time is coming when people “don’t want the dollars anymore.” He believes this would happen because everyone has a preference for the flagship crypto token. When that happens, the billionaire says he can find his “food, clothing and shelter all in Bitcoin.”
Draper suggested that this revolution would occur as a result of a massive bank run, similar to what happened to the Confederate dollar after the American Civil War ended in 1864. He also compared Bitcoin may replace the dollar to what happened to the Greek drachma and the run on the French franc after France adopted the euro.
Meanwhile, the billionaire alluded to the fact that BTC already has an edge over some fiat currencies. He gave an example of how Argentinians and Nigerians do not trust the Peso and the Naira respectively and prefer to do business in Bitcoin.
Bitcoinist Previously reported how Bitcoin reached all-time highs in Argentina and Nigeria. The inflationary pressures experienced by these countries have caused their currencies to be devalued, with locals seeing Bitcoin as the best alternative to hedge against this inflation. Now the US is also having to deal with it economic crisisDraper’s prediction that Bitcoin will replace the dollar may not be far from reality.
BTC bulls aim for $52,000 | Source: BTCUSD on Tradingview.com
Why Bitcoin Didn’t Rise to $250,000 in 2022
During the interview, Tim Draper also explained why his $250,000 Bitcoin prediction didn’t come true. The billionaire had in 2018 predicted that the crypto token would rise to that price level in 2022. Draper seemed to have been blamed The United States Government because this did not happen, stating that he did not expect them to have been “paranoid” about Bitcoin.
This paranoia is probably why the government has this paranoia reservations about the flagship crypto token instead of accepting it and taxing the profits made from it, as Draper expected. However, this paranoia appears to be a thing of the past as the billionaire claims that the US has realized that “Bitcoin is actually better for everyone.”
Interestingly, Draper is not backing away from his $250,000 prediction, but now states that Bitcoin will reach this price level in 2025. His confidence could stem from the fact that BTC seems to be more accepted by US authorities, especially after the approval of the Spot Bitcoin ETFswhich are high demand for recordings.
Featured image from Brittanica, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
