Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here’s Why

Scott Matherson

1 year ago

3 mins read

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Tim Draper, founder of Draper Associates and Billionaire venture capitalist, recently shared his thoughts on Bitcoin and the flagship crypto token’s potential to revolutionize the global economy. Specifically, Draper highlighted how BTC could replace the Dollar and other fiat currencies soon enough.

BTC To Replace The US Dollar

Draper mentioned during an interview on Bloomberg that the time is coming when people “won’t want the Dollars” anymore. He believes this would happen as a result of everyone having a preference for the flagship crypto token. When that happens, the billionaire says that he will be able to his “food, clothing, and shelter all in Bitcoin.”

Draper suggested that this revolution was going to occur from a massive bank run, similar to what occurred with the Confederate dollar after the US Civil War ended in 1864. He also likened Bitcoin potentially replacing the Dollar to what happened with the Greek Drachma and the run on the French Franc after France adopted the Euro.

Meanwhile, the billionaire alluded to how BTC already has an edge over some fiat currencies. He gave an example of how Argentines and Nigerians don’t trust the Peso and Naira, respectively and would rather prefer to do business in Bitcoin.

Bitcoinist previously reported how Bitcoin hit an all-time high in Argentina and Nigeria. The inflationary pressure that those countries are experiencing has caused their currencies to devalue, with locals seeing Bitcoin as the go-to alternative to hedge against this inflation. With the US also facing its economic crisis, Draper’s prediction of Bitcoin replacing the Dollar may not be far from happening.

BTC bulls aim for $52,000 | Source: BTCUSD on Tradingview.com

Why Bitcoin Didn’t Rise To $250,000 In 2022

During the interview, Tim Draper also explained why his Bitcoin prediction of $250,000 didn’t happen. The billionaire had in 2018 predicted that the crypto token was going to rise to that price level by 2022. Draper looked to have blamed the US government for this not happening, stating that he didn’t expect them to have been “paranoid” about Bitcoin.

This paranoia is probably why the government has its reservations about the flagship crypto token rather than accepting it and taxing profits made on it, just like Draper expected. However, this paranoia looks to be in the past as the billionaire claims that the US has realized that “Bitcoin is actually better for everyone.”

Interestingly, Draper is not backing down on his $250,000 prediction, stating now that Bitcoin will hit this price level in 2025. His confidence might come from the fact that BTC looks to be more accepted by the US authorities, especially following the approval of the Spot Bitcoin ETFs, which are recoding huge demand.

Featured image from Brittanica, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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