Billionaire Tim Draper Doubles Down on Bitcoin Foresees Moment When People Wont Want Dollars Anymore
Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. I think that theres going to be a moment where theres a run on the banks, he cautioned, adding: I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people wont want dollars anymore.
Tim Draper on Government and Bitcoin
Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his $250,000 bitcoin price prediction. When the price of BTC was $400, he predicted that it would take four years for it to reach $250K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors.
A few things I didnt expect. I didnt expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business with bitcoin as their base currency. And its happened in a number of other countries, and thats why bitcoin is doing so well So I miscalculated on how scared the government, the U.S. government was, Draper detailed, emphasizing:
And now, they realize that bitcoins actually better for everyone.
It keeps perfect records, he elaborated, noting that criminals who used bitcoin were all caught, so using dollars is probably better for a criminal.
Draper further shared: I think that theres going to be a moment where theres a run on the banks the way after the Civil War there was a run on Confederate money, and there was a run on the Greek drachma and a run on the French franc when they became a part of the euro. In conclusion, the billionaire investor opined:
I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people wont want dollars anymore.
Do you agree with Tim Draper about bitcoin? Let us know in the comments section below.
Source: Bitcoin.com
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