Fiat Money Users Will Get Mocked Five Years from Now, Draper Says
Renowned venture capitalist Tim Draper believes cryptocurrencies are the biggest thing that has ever happened to the world. He is also confident that cryptos, particularly Bitcoin, will overtake fiat money.
Despite the massive crypto market correction that started in January, legendary tech investor Tim Draper is very confident about Bitcoin and the crypto space in general. On Tuesday, he told CNBC’s Fast Money program that we might get laughed at if we try to buy a Starbucks coffee with fiat money five years from now. Draper sees the world turning to cryptocurrencies and Bitcoin retaining its lead regardless of circumstances.
“They're not going to use fiat. Five years from now, none of us will be,” he said, going on to add:
“Because all of this engineering effort, all that excitement, this focus is really on Bitcoin and all of the cryptos around it. And I think that's what we're all going to be using and paying with.”
Draper, who is the founder of venture capital firms Draper Fisher Jurvetson (DFJ) and Draper Associates, admitted he had never experienced such excitement as an investor, reminding viewers that he was right there when the internet came out.
Draper holds stakes in Skype and Tesla and is also one of the biggest Bitcoin owners, with about 30,000 BTC bought in 2014. In December, he revealed to CNBC he still had the coins. They are worth about $318 million based on the current BTC/USD rate.
The Silicon Valley legend said the cryptocurrency phenomenon was greater than the Iron Age, the Bronze Age, or the Internet Age. The crypto advent is the biggest thing that has ever happened to the world, and investors should use this opportunity. He also lauded the transformative potential of blockchain technology.
Draper pledged he would make a Bitcoin price prediction during a big party on April 12.
In November 2017, the venture capitalist had the same position on Bitcoin, saying that the cryptocurrency would overtake fiat money.
Interestingly, Starbucks' executive chairman Howard Schultz revealed that the company might implement blockchain for a payments app.