Despite the huge sell-off across the cryptocurrency market, Tim Draper said: “Bitcoin will play a lead role in turning the entire global economy to cryptocurrency”. It’s quite surprising seeing the market leaders and analysts are betting huge on blockchain including overstock founder selling his retail venture to solely focus on blockchain and Lou Kerner viewing bitcoin with huge value despite market slumps.
First reported by Forbes while speaking to Mike Green of Thiel Macro in earlier November, Draper believes crypto is the two-thirds of world’s total currency value. In his view, crypto is cheap, costing in friction which will eventually benefit to people.
“Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,”
Draper explains the process on how cryptocurrency would move forward and why smaller countries are often predicting crypto to rule. He said while people experience that they are actually spending less, they are likely to go away from the fiat currency and “this is how it’s going to move”.
Draper’s statement in the article encouraging bitcoin, ICO, and blockchain;
And that’s why you’re seeing the smaller countries all say, ‘yeah, we want bitcoin, we want initial coin offerings (ICOs) here, we want blockchain. We want all of these things in our country.'”
More on persuading towards crypto, Draper view the present ratio of $26 trillion political currency will make up with the current crypto market of about $150billion. He spots that $26 trillion fiat currency is already tied to country’s fortune whereas bitcoin and other cryptocurrencies can be operated in frictions.
Tim Draper has recently talked about the future of Bitcoin where he predicted it will reach to $250, 000 by 2022 and is now more confidently stating that there is a less time left to experience crypto and fiat in the ratio of 50-50.
“soon it will be easier to spend and invest your bitcoin than it is to spend and invest your dollars.”
He continued, “I tend to move my dollars into bitcoin, because I think, well, why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force,” Draper added.