Tim Draper said bitcoin is strengthening its position among a huge number of other crypto assets. Moreover, bitcoin is already challenging conventional money and the entire financial system as it has the potential to fundamentally change the way trading is conducted, the investor said. He compared the first cryptocurrency to the advent of the Internet, which is now ubiquitous, and Draper believes the same will inevitably happen with bitcoin.
The investor added that bitcoin is already accepted for payment in many parts of the world, retailers are gradually realizing its benefits, because thanks to bitcoin people will stop overpaying to banks and credit card companies. According to Draper, it will soon be possible to buy food, clothing and housing with bitcoin. It’s only a matter of time – people need to realize that there is a better alternative to fiat currencies that the authorities can’t interfere with.
“We’re in one of the most exciting decades because we have bitcoin, which is changing the commercial sphere. People don’t need guidance from banks and governments on what currency should be considered a good currency. Bitcoin is a more advanced and secure technology, there are hundreds of thousands of nodes making sure the transaction is done correctly. Eventually the whole world will join bitcoin,” Draper said.
Earlier, the venture capitalist made a bold prediction that bitcoin will trade at $250,000 per coin in 2023. This month, however, Draper stipulated that it could take about two more years for bitcoin to reach that mark. The investor explained that the growth of cryptocurrencies and innovation is hindered by the aggressive stance of US regulators.