Bitcoin will be Bigger than The Internet
Tim Draper recently remarked that Bitcoin price will surpass many of his previous investments including Skype, Tesla, and Hotmail. He even stated, “This [Bitcoin] is bigger than the internet.” Additionally, Draper thinks that Bitcoin price will reach $250,000 by 2022. Not only is he extremely bullish about the flagship cryptocurrency’s future price, but has also suggested various use cases for it.
The Venture Capitalist noted:
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper’s comments came this past Saturday while speaking at the Intelligence Squared U.S. debate, which was offered via a partnership with the Adam Smith Society – a part of the Manhattan Institute.
Crypto to Replace Fiat
The founder of giant venture capitalist companies DFJ and Draper Associates said that a time will come that even buying coffee with fiat money would seem ridiculous, implying that traditional currencies will ultimately be replaced by digital money. Draper reportedly acquired 30,000 Bitcoins back in 2014 at a U.S. Marshals Service Auction, which now equates to over $250 million.
During the intense debate, Financial Times Editor Gillian Tett argued against the use of Bitcoin. Tett spoke about the use of the flagship cryptocurrency to carry out illicit activities, criticized its extreme volatility, and the substantial risks of investing in it. In response, Draper confidently asserted that he felt more confident and “secure” about his crypto holdings than the fiat money deposited in his Wells Fargo account.
Overstock.com CEO Supports Bitcoin As Well
Patrick Byrne, CEO of Overstock.com, also defended the use of Bitcoin. In support of the dominant cryptocurrency, Byrne said:
“This has been hacked at more than anything in history and has never been defeated,. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”
In addition to advocating the use of cryptocurrency, Byrne is currently trying to make some adjustments to his retail business model, in order to leverage blockchain technology.