Renowned Crypto perma-bull and early investor, Tim Draper, CEO Draper Associates, joined Fox Business for an Interview to discuss the recent news from JP Morgan and the future for cryptocurrency, reaffirming his belief that it will soon dominate the way we transact and do business.
“I think we are probably 2 years away before everyone is buying coffee With crypto” … “I made a prediction that in 5 years, we will try to go in and buy coffee for fiat money and the barista will laugh at you.”
Draper went one step further, tackling the often misheld belief that crypto is only used by criminals, addressing the fact that all transaction data on the blockchain is public, making it far easier to track illicit usage on the network.
“The criminals will still want to operate with cash as they catch everyone who tries using bitcoin for a crime. Not on the way in when the criminal receives the bitcoin but as soon as they want to spend it, those block are tagged and they’re going to all be prosecuted.”
Draper further took shots at banks and traditional finance:
I feel that my money in the bank is less secure than my bitcoin is. My bank is constantly under hack attack, they’re playing whack-a-mole trying to keep the hackers away. No one to date, knock on wood, has hacked the bitcoin blockchain and so i believe my bitcoin is more secure than my dollars.
When asked, if he would sell his cryptocurrency, Draper responded: ‘for what?’ comparing the action to moving backwards in time to a more rudimentary form of exchange, ‘it’s like taking gold and transferring it into shells’. In April 2018 Draper made his now infamous prediction that a single bitcoin would be worth $250,000 by 2022. That belief was reaffirmed in November and still appears unmoving despite the market downturn below $4,000
“This is going to be the biggest change in the history of the world and it’s so exciting,” … “I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.”