Timothy Cook Draper, popularly known as Tim Draper, is an American venture capital investor and early Bitcoin investor. He has for long supported cryptocurrencies and reiterated the same in a recent interview.
He believes cryptocurrency is good for humanity. He said that it would even drive the Governments to “think like businesses” in providing better customer services. He said,
It’s one of the greatest opportunities we’ve ever had… The world is gonna be a much better place in 10-15 years.
The recent scrutiny of Libra went to ultimate proportions in the US. The launch of Libra or Calibra is the US seems highly unlikely at the moment. Tim noted that this could be a disadvantage for the US. He said,
“Why is Libra in Switzerland? Why did all these other cryptocurrencies get started in Jabralta or Malta? It’s because we have so many regulators and so many people getting involved before we can innovate.”
Moreover, he believes Libra would have been the beginning of a trustworthy currency. He noted that in the last hundred years or so, the world has moved beyond the gold-backed currency. Currently, the price of a currency is based on the trust in the system, i.e., its projected value. He said,
“The dollar is based on paper and the promise of a Government. If we have long since left that economy that promises gold. Currencies are ethereal.” He also said, “It’s good to have people talk about it because the more they talk about it, the more they realize how important bitcoin is going to be for the planet, for all of us.”
On the benefits of Bitcoin and crypto, he noted that Bitcoin and cryptocurrency are out there to make the world a better place. It will reduce 2-3% from the transaction cost in global remittance, which is a lot, and the global spending of cryptocurrencies will foster prosperity all around the world.
“I think Geographic borders are falling. This makes a lot of Government officials become a little nervous because they built their power on the fact that we’re all tribal, but we’re global now.” He also said, “It’ll be much more frictionless to do business around the world.”
The vision that Draper shares in the above ideas might seem far fetched at the moment. However, the trust is building around the secure design of blockchain that still stands out. Businesses have replicated the model to construct trustless ecosystems around the world.
According to him, the Governments around the world must be more inclusive of these projects, or they’ll be left behind. Along with the US, recently, he also criticized the Indian Government for their stand on crypto.
Do you agree with Tim Draper or you agree to the cautions? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com