Tim Draper, the Founder of leading venture capital firms Draper Associates and DFJ, predicted in a recent debate that Bitcoin [BTC] could be worth $250,000 within four years.
He had earlier stated:
“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”
Draper also believes that there will be a point when people will no longer want fiat currency.
At an Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society, the early investor in Tesla, Hotmail, and Skype said that Bitcoin will be bigger than all his early investments combined.
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
In a U.S. Marshals Service auction in 2014, Draper bought nearly 30,000 Bitcoin tokens and is still holding them, according to CNBC.
Gillian Tett, the Managing Editor Financial Times was the opposition in the debate. He discussed the risks involved in Bitcoin investment and how volatile it is. However, Draper responded saying that he was more secure in Bitcoin than in the money in Wells Fargo.
Patrick Byrne, the CEO of Overstock.com was in favor of bitcoin. He said:
“This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”
In December 2017, Byrne had considered selling his business to fund his new blockchain venture and is now working on reorganizing it.
Jayden, a market enthusiast tweeted:
“I mean I’m optimistic about crypto but this guy actually thinks Bitcoin will take over physical / tangible money. It won’t.”
A crypto enthusiast replied:
“Why not? Everything is digital now so a digital transfer of wealth seems pretty reasonable and where we’re headed, it’s just hard to grasp because we have grown our whole lives with physical money.”
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