Tim Draper Wants Bitcoin to Become the National Currency of the United States

UTC by Jeff Fawkes · 3 min read
Tim Draper Wants Bitcoin to Become the National Currency of the United States
Photo: QuoteInspector / Flickr

Tim Draper wants the U.S. to become a Bitcoin nation with free 5G, no borders for honest workers and Universal Minimum Income set in cryptocurrency. However, he is not going to participate in next elections.

Tim Draper is a famous venture capitalist and cryptocurrency market whale. He was constantly buying large portions of Bitcoin since 2014, claiming that the future will not be centralized. Now, he claims that the United States deserves significant monetary changes.

Back in the days the U.S. government was selling 25,000 Bitcoins from the closed Silk Road wallets, Draper bought all the stash. He also says that Ross Ulbricht, the founder of the first truly free marketplace, must receive parole.

Danny Nelson Asked Draper What a President Should Do

It was Danny Nelson, CoinDesk reporter, who asked Draper about his possible presidency. Investor claimed that he will implement 5G Internet everywhere, together with a substantial cryptocurrency infrastructure. The Draper plan seems fantastic, yet full of common reason:

“I would drive decentralization. Make Bitcoin a national currency. Break California into 6 states. Release Ross Ulbricht. Have people use Aragon for trial by jury. Make any increases in government worker salaries tied to GDP growth (rather than cpi). Eliminate the 33 and 40 Acts that keep the poor poor and the rich rich.”

Draper also thinks that, before the government starts with any investigations in the blockchain startup, the startup must gather at least 100 customer lawsuits:

“I would make regulators wait until there were over 100 customer lawsuits or 5 years before they start regulating a startup. I would start research and experimenting with an earth umbrella outside the atmosphere (to combat global warming), a mag lev launcher for rockets (better for the environment, uses less energy), put 5G everywhere, and encourage the use of better public transport (via companies like SkyTran and Hyperloop).”

Tim Draper: I would Eliminate Borders for Honest Workers

Draper thinks that it’s time to offer ‘olive branches’ to all the U.S. trading partners across the planet. He claims that America does not need the borders, because talented developers must flow in the country and increase its strength:

“Over time, I would drop the borders for anyone who will come and is willing to work without any entitlements, minimum wage or benefits that a citizen would get…until they earn citizenship.”

Timothy also seems to be against setting the yearly budgets according to solely the government worker’s wishes and estimations:

“I would tie the amount the government could spend to whatever they raised the year before, where Congress would vote on shares of the budget rather than committing specific dollar amounts.”

The UBI Idea is Flying in the Air

Draper also wants to give away small sums of Bitcoin to ordinary people to foster crypto adoption and awareness. He claims that Bitcoin is the basis for the Universal Basic Income (UBI) system. It is indeed a topic of many discussions among progressive Westerners. Those include comedians, libertarians, cypherpunks, free markets fans, Internet businessmen and more.

Billionaire Mike Bloomberg recently stated that cryptocurrencies are a notable technology worth separate regulation guidelines. This may be the reason behind the recent change of attitude from the government officials. Previously, they have seen the crypto field as a problem. Now, when executed properly, the technology may switch fast to become the mainstream solution to the dollar overprinting and other economic troubles.

Worth noting that Tim Draper won’t be placing himself as the next presidential candidate. However, Andrew Yang was going to try and win the elections with his promise to set the UBI to $1000 per month. But he withdrew from the elections.

Bitcoin News, Cryptocurrency news, News, Technology News
Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

Share this article

Related Articles