Adam Draper: ‘Bitcoin Is the Single Most Important Emerging Technology In the World Today’
| Updated by Zhanna Lyasota · 3 min read
Adam Draper explains why Bitcoin is a good investment to Cory Johnson on ‘Bloomberg West’.
The interview started with Cory Johnson, an anchor and editor-at-large for Bloomberg Television, saying that when he talks to New Yorkers about bitcoin, they tell him that they don’t understand the sense of digital currency and some consider that was ridiculous to start dealing with it.
There is no doubt that Adam Draper, CEO and co-founder of Boost VC, has other point of view on digital currency:
“I think that bitcoin is the single most important emerging technology in the world today. Suddenly, every, all of the best engineers in the world are working on this global emerging payments technology. And that is a really very exciting thing. In the United States we are actually 92% digital. It’s not actually as useful – I don’t know how much cash you have – but 93% of our wealth in the U.S. is just digits on a screen in a bank account, like the payments that happen every day as opposed to storing gold in the basement.”
Draper’s enthusiasm is not surprising at all since bitcoin moves funds directly between users, with no central authority, digital holders can always remain anonymous.
“A lot of countries aren’t as lucky as us to be able to trust a bank system. So in Africa, people have money, but they don’t put it in a bank, but they are using phones at a very high adoption rate. So, when they start trusting the banking system, or bitcoin helps them trusted, suddenly there is a massive move to world’s population of the digital something like oasis. It is a leapfrog technology for the rest of the world,” Draper and Johnson said while discussing the importance of digital currency on the global arena.
“Argentina is a really exciting place that a lot of venture capitalists are talking about for different emerging startups for bitcoin and the reason is that they assume 25% inflation every year. You can purchase bitcoin in Argentina. But there is a pitch to everyone that was in my lifetime 3 times: the money in my bank account has gone to zero. That is a really scary thing that happens in the rest of the world but in the United States we actually don’t represent that,” Draper added.
“I feel we are going through a trend where bitcoin has been speculative. Everyone in Wall Street and all those places were very excited about the price going up,” Draper said adding that the volume of bitcoin transactions per day has doubled, compared to the last year.
Johnson asked Draper, what his startup Boost VC focuses on. “We have multiple things,” answered Draper. “One bucket, that is like: What does bitcoin do better than dollars, which is a stored value? We touched on micro transactions. We have a company called ZapChain that is allowing you to tip a network of bitcoin people. People love being able to tip online. Before, people were not capable of sending 5-10 cents over the Internet and the reason is that you have those Master Cards in banks that are taking a fee. Bitcoin is just a frictionless system,” he added.
Draper wound up his speech by sharing his opinion on price adjustment:
“I’m really excited because if you’ve been in bitcoin for the last 3 years, you’ve been able to go through big rises and big falls. And right now it’s true believers that holding this great technology in the space.”
Zhanna has a background working for an American multinational food and beverage company as well as at a number of translation agencies serving similar top multinational corporations. She enjoys discovering new cultures as well as learning new languages. She is also a lover of all things fabric and floral ,especially if they are design-related. Zhanna is a graduate of Belarusian State Economic University with a major in Intercultural Business Communications.