Tim Draper Believes Bitcoin, Not Governments Will Save the World

Tim Draper believes that Bitcoin will save the world after the financial crisis, not the governments of this world. He also said that Bitcoin and AI have the potential to revolutionize the value industries.

18 March, 2020 | AtoZ Markets – Like the global financial market, bitcoin has collapsed sharply and has declined more than 47% in the past 30 days. Investors are grappling with the coronavirus pandemic that has rocked the world. With so many countries now under lockdown, world leaders and central banks are trying to stop the spread of the virus. In addition to travel restrictions, governments have also put in place stimulus packages to help the financial markets.

How Will Bitcoin Save the World?

The billionaire investor, Tim Draper is the founder of the venture capital firm Draper Associates. He made new optimistic forecasts concerning Bitcoin.

In an interview given on March 16 to the 415 Stories podcast, Tim Draper said he believes in Bitcoin’s potential. Decentralization powered by Bitcoin and other new technologies is a vital tool that has the “ability to transform the largest industries in the world”.

According to Mr. Draper, Bitcoin will be one of the most crucial tools as the global financial crisis continues, pitting the main cryptocurrency against centralized structures like banks and governments. Draper tweeted:

“Entertainment for while you’re hiding. When the world comes back, it will be Bitcoin, not the banks and governments that will save the day.”

The billionaire is not free from controversy because of his BTC price forecast, which will rise to $ 250,000. But many other experts also consider the blockchain as a revolutionary technology that could completely change society since the advent of the internet in the 1990s.

Read More: Spain Bans Short Selling for a Month Amid Coronavirus Outbreak

Bitcoin and AI Have the Potential, Says Tim Draper

In the podcast, Mr. Draper also praised the potential of bitcoin to transform multibillion-dollar industries around the world. He explained that decentralization is currently transforming the currency with bitcoin (BTC). It is notably merging with artificial intelligence (AI), which is also about to have a significant impact on the world.

These two technologies, bitcoin and AI have the potential to revolutionize valuable industries, just as the internet has transformed the communications, entertainment and gaming industries.

Draper believes new technologies like bitcoins and AI have the potential to completely transform all industries, from banks to healthcare and real estate. Draper said:

“For example, I could create an insurance company with an actuarial AI to determine fraud and a smart contract with Bitcoin and put everything on the blockchain.”

Last Thursday, BTC/USD fell to the level of 3800, losing half of its value in 24 hours. The BTC price is trading at $5,106.27 at the press time.

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