Tim Draper Cryptocurrencies Will Be Used For Payments in 5 Decades


To some people, cryptocurrencies are the tales they undergo while sipping a hot cup of coffee early in the morning. But to others, it's an ecosystem that is developing slowly and is bound to engulf the entire world.

Draper is not your average bull -- he can break the internet simply by saying that, «In five years you're going to walk in and try to cover fiat [a government-backed money like the U.S. dollar] for a Starbucks coffee, and the barista will laugh at you, because they're going to say, 'What is this? Give me shells?»

To show his unwavering support, Draper wore a tie with published bitcoins while he continued his interview on CNBC's segment 'Fast Money' on Tuesday. He spoke about how digital currency «isn't subject to the whims of some political force or some other», and how the world «international» will be substituted by «global».

A Movement Bigger than the Internet Age

Considering that people think cryptocurrencies are nothing more than a way to make fast money, Draper talked about the positive yet lesser-known features of the inherent blockchain technology.

«All the various governments will be competing and virtual for us, so that they might have to provide good service at a low cost. And that's something governments haven't had to do before,» said Draper.

He also said that bitcoin is the stable cryptocurrency. He would rather discard his U.S. dollars for the digital currency, «They are not going to use fiat. Five years from now, none us of will be. Because all of the engineering effort, all that excitement, this focus is really on bitcoin and every one of the cryptos around it. And I believe that's what we're going to be paying and using with.»

Draper, who bought 30,000 BTC from the U.S. Marshals Service auction in 2014, has a net worth of about  $350 million-$500 million. He is also famous for correctly predicting the purchase price of bitcoin in 2014, where he said that BTC would cross $10,000 in three years. The cost not only hit the amount but surpassed it slightly on Nov. 2017. When asked if he will be giving another one in the future, Draper stated that he'll deliver a cost prediction on Apr. 12, 2018 into the whole world.