Cryptos Will Force Out Fiat Currencies in a Matter of Five Years, Claims Famous VC Tim Draper
The crypto winter is not a reason to lose hope. Tim Draper strongly believes that the era of fiat currencies ends in 5 years.
By Julia SakovichUpdated
3 mins readPhoto: JD Lasica / Flickr
Though even now when the crypto market is still under a serious pressure of the bearish trend, there are a lot of active supporters of crypto who believe in the bright future of the market, billionaire investor and known Bitcoin (BTC) bull Tim Draper is likely to have the bravest ideas.
Fiat for Criminals
In his recent interview, he claimed that in five years crypto would become widespread all over the world and only criminals would use fiat currencies.
Draper has always been much more optimistic about Bitcoin than many other well-known crypto enthusiasts, including well-known supporters of crypto Coinbase CEO Brian Armstrong and Tyler and Cameron Winklevoss who founded the Gemini Cryptocurrency Exchange.
But in fact, he believes not only in Bitcoin’s capacities to transform the world but in the capacities of the entire crypto market.
Earlier, Draper had already expressed the idea that in five years fiat would lose its dominant status and that despite all the ongoing market trends Bitcoin would recover a full transition to cryptocurrency would happen.
“Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,” said he at that time.
“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”
He explained such a prediction by the fact that criminal actions could be easily detected on blockchain, that’s why only the usage of fiat would give fraudsters a chance to stay unnoticed.
New Cryptos and Bitcoin
Nowadays nobody is surprised when some new crypto appears. Nevertheless, if a person for some years has been denying the feasibility of digital assets adding that Bitcoin is a “fraud” and “worse than tulip bulbs”, and now claimed that his bank had created its own crypto asset, it may seem rather unusual.
This announcement that was made by JPMorgan Chase chief Jamie Dimon may seem rather shocking for many members of the crypto community but not for Draper.
According to him, such news is great for the whole industry. He also explained his position. “Not many bitcoin knock offs have worked particularly well, but they all add to the interest in bitcoin”, added he.
Though the information on the bank’s JPM Coin didn’t boost Bitcoin’s price last week when it was revealed, now the coin has gained over 5% over the last 24 hours and is traded for $3,938 at the time of writing.
But still, its price is very far away from the record $20,000 height. However, Draper believes that in 2022 the coin will be traded for at least $250,000.
Let us also remind that Tim Draper is not the only crypto guru who tries to convince the community that the best days for Bitcoin are still ahead. Quite recently, Jack Dorsey has stated that Bitcoin has good chances to become the Internet’s single native currency.
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