Cryptocurrency enthusiast and billionaire Tim Draper is not bothered by the recent crash in the price of Bitcoin while insisting that the world will soon have no other option but to look towards Cryptocurrency for economic survival.
A Bold Prediction in Amidst Bitcoin Crash
The tech guru spoke glowingly on the chances of cryptocurrencies, as he maintains his earlier stance that cryptocurrency will eventually overtake fiat money to make up two-thirds of the world’s total currency value.
Draper was of the opinion that the shift will be unavoidable once it becomes easier to spend and invest using Bitcoin and other cryptocurrencies.
On the chances of Cryptocurrency in the world economy, Draper, during the World Crypto Con in Las Vegas on November 26, mentioned that; “It is going to be better for people, they are going to move to crypto, and they’re going to go away from the political currency-they call it fiat. That’s the way it’s going to move.”
Draper is also of the opinion that some countries have seen the handwriting on the wall, which is why some of them are already trying to make the switch now.
He was also quoted as saying:
“That’s why you’re seeing the smaller countries all say, ’Yeah, we want bitcoin, we want blockchain. We want all of these things in our country.”
A Crypto Optimist
Tim Draper has always been a cryptocurrency optimist and has never for once waivered on his believe that cryptocurrency is the next big thing and the future of the world financial market.
Draper predicted earlier in the year that the total cryptocurrency market capitalization will hit $80 trillion dollars in the next 15 years. He argued that the significant slide in the price and value of cryptocurrency this year is attributed to people who have not adopted digital currencies as a new class.
He stated that once people become more familiar with the technology, it would transform many important industries globally:
“I think it’s going to have a transformative effect on industries that we never even imagined would be transformable. The internet went after industries that were $10-100 billion dollar markets, cryptocurrency will go after trillion dollars’ markets-these are finance, healthcare and insurance, banking, and governments.”
Market analysts are thus of the opinion that cryptocurrency will not replace fiat or else it cleanses itself of stains such as crypto jacking, illegal mining, E-mail hacking and other form of crypto crimes.