Fox Business had a chance to talk to a renowned Bitcoin Bull and a legendary venture capitalist based in Silicon Valley – Tim Draper. The billionaire investor stated that he believes investors risk their money if they let banks manage it. He added that only criminals would use fiat money in the future as Bitcoin transactions on the blockchain can be tracked. His statement reads:
“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”
When asked when people will start to use Bitcoin (BTC) and other cryptos to purchase coffee, he said that we are roughly 2 years away from being able to buy stuff with Bitcoin. He further stated that fiat money will become obsolete in 5 years.
Draper: JPM Coin will increase interest in Bitcoin
Draper also said that JPM Coin, recently announced by JPMorgan Chase, will make people more interested in Bitcoin.
“Not many bitcoin knock offs have worked particularly well, but they all add to the interest in Bitcoin.”
Draper said the new coin will help spark interest in Bitcoin and compared the coin to the partnership between Apple and IBM. According to the venture capital investor, JPM Coin could be another Bitcoin clone that does not live up to its hype and indirectly increase interest in Bitcoin. Draper also claimed he would start “shifting everything [to BTC]” when banks start accepting Bitcoin.
The JPM Coin is meant to facilitate near-instant transactions between the institution’s clients, a service similar to Ripple’s remittance service.
Bitcoin will hit $250,000
In an earlier interview, Draper stated that the Bitcoin price would rise to $ 250,000 by 2022 and provided a rationale for his allegation.
He said cryptocurrencies would outperform fiat currencies in the speed of transactions. In his opinion, this will increase the current global market for currencies from $ 86 trillion to $ 140 trillion over the next ten years.