Everybody will be using cryptocurrency in five years, whereas traditional money are bound to become secondary, predicts venture capitalist and billionaire Tim Draper. In an interview to Fox Business he spoke about bitcoin near-future potential and why fiat currency will be resorted only to criminals.
According to Draper, money left in a bank is more at risk than digital money, as bank accounts could be hacked, which has never been the case with bitcoin. He compared pulling his crypto investments into fiat with transferring gold into shells. “Why would I go back in time when I know that future is in bitcoins!” said Draper.
Draper also reacted to JPMorgan Chase recent launch of its own coin, dubbed JPM Coin, as ‘great news’, comparing it to “a bellwether akin to Apple welcoming IBM into the PC business”. Yet, just two years JPMorgan Chase chief Jamie Dimon famously thrashed bitcoin, calling it “fraud” and “worse than tulip bulbs.”
The billionaire investor forecast the price of Bitcoin to reach $250,000 by 2022. He is certain fiat currency will be completely replaced by digital assets.
