A billionaire crypto investor has predicted that bitcoin and the crypto market will be universally accepted in five years time and only criminals will use fiat money.
February 19, 2019 | AtoZ Markets - Tim Draper, a billionaire investor and known bitcoin bull, expects cryptos to become universally widespread. He argued that in 5 years time, Bitcoin and the entire crypto market would be so widely used that only criminals will use fiat currencies. In an interview with Fox Business on February 8, he made these claims. The investor, last year November, also predicted that by 2022, Bitcoin will exchange for $250,000.
Fiat currencies will be obsolete in 5 years
The tech investor who made a fortune investing in big tech companies like Skype, Twitter and Tesla has genuine reasons to be bullish on Bitcoin. He made quite a large profit when his $20 million digital currency holdings grew over 1000% in three years. He became one of the earliest Bitcoin investors when he bought 30,000 of it in 2014. Since his first involvement, he has been a regular Bitcoin bull and a well renowned one at that. In late 2017, he predicted fiat currencies will be so unpopular that those that use them will be laughed at. He said:
In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant... there will be no reason to have the fiat currencies.
In the interview, he has reiterated this statement that fiat currencies will be obsolete in five years. He added that nobody but criminals will keep using cash since Blockchain is traceable. According to him:
The criminals will still want to operate cash, because they catch everybody who is trying to use Bitcoin
Blockchain more secure than banks
Furthermore, Tim Draper in the interview believes his money in the bank is less secure than his money in Bitcoin. According to him, his money in Bitcoin is more secure because nobody has been able to hack Bitcoin's blockchain yet whereas his bank ''is constantly under a hack attack''. He therefore frowned at cashing out from Bitcoin, liking it to exchanging gold for shells. He is convinced that Bitcoin and other cryptocurrencies are the future of money and there is no need for going back in time.
Draper is one of a good number of Bitcoin moneybags who are bullish on the future potentials of cryptocurrencies. Meanwhile, since this interview, prices of cryptocurrencies have been making waves upside after last year's losses. At press time, according to data on CoinMarketCap, Bitcoin was trading for $3,900, about 25% above 2018 low.
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