The legendary early Bitcoin investor, Tim Draper declared yesterday in an interview on CNBC that in five years from now, none of us would be using fiat currencies. He made this bold prediction in the CNBC’s program “Fast Money”.
He also declared that cryptos are currencies not affected by political whims of any country, truly global, to make remittances and payments across borders.
Global Movement / Global Governance
“We’re at the beginning of a new movement, bigger than bronze age, bigger than the internet”. He pointed that this was the biggest thing that’s happening in the world today, and that there were great opportunities for investors to get in trough bitcoin and other cryptos. He also stated that there will be “virtual governments” competing for us in the coming age. “Governments” as he said, can be interpreted as service providers, and they will be chosen by the quality of service that they provide. He said this regarding the influence of crypto in transforming current industries.
He also referred to blockchain as a potential aid for industries today, not as a supplementary tool of actual industry. “None of the industries today will be instantly replaced by blockchain applications”. It will be gradual, and most companies will leverage blockchain to adapt their business model to a more efficient one. Clearly, he referred to banks, remittances providers, and centralized payments services such as PayPal, that are directly challenged by Bitcoin and cryptocurrencies in general.
Tip of the iceberg
To close the interview, he said that we are still seeing only the tip of the iceberg.”We are investing in companies that are still finding what bitcoin is useful for”,”We are still in the eighties of the Internet”. The creativity of an incumbent industry is always in bloom. You can find a myriad of ways in which blockchain tech can be more effective than the traditional way of doing things. Then the prediction was made: in five years from now, you will be able to buy a Starbucks coffee only with crypto. We’ll be around to see if it happens.