There are possibilities that Bitcoin might have grown bigger than the Internet. This is according to the sentiments of Tim Draper, venture capitalist at Silicon Valley. He is also the founder of Draper Associations, which has been in existence for some time.
Cryptocurrencies Bigger Than All Other Digital Coins
Tim Draper’s popularity grew when he openly backed some of the major tech moguls back in the time. These were Skype, Jobs.com, as well as Tesla. However, his view towards these three tech-heads has drastically changed and now he thinks Bitcoin, the leading crypto, exceeds all of them.
Over this past weekend, Mr. Draper took part in a panel discussion that was held at the Manhattan Institute US/Intelligence Squared, and here he was questioned on several issues. One of these issues was how his involvement in the senior tech hubs has played out with the leading digital currencies.
On that, the billionaire responded that the virtual currencies have grown much bigger than these three major Internet platforms. In his own words, Tim Draper stated that the cryptos have become bigger than the Internet, the Renaissance, and the Iron Age. He went ahead to add that the growth is even bigger than the Industrial Revolution experienced back then.
His Previous Bullish Predictions
Sometime back, Tim Draper had everyone talking when he forecast that Bitcoin would grow to attain a price of $250,000 in the next five years (by 2022). He has continued to insist that Bitcoin will hit this price target by 2022. But even as he maintains that Bitcoin will grow to hit a price of $250,000 by 2022, he quashed the ongoing talk that virtual currencies aren’t practical means of payment.
He did not hesitate to give another prediction. He says that those who would try to purchase coffee using fiat currency in 2022 will be a laughing stock. This is because the Cryptocurrency wave shall have spread everywhere. He strongly believes that it will reach a point where nobody would need the fiat currencies currently used.
What about the Bitcoin Bubble?
One of the major issues that the panel questioned Tim Draper on was the issue of Bitcoin bubble. When he took to the floor to answer the question, Mr. Draper compared this whole issue to the invention on the Internet. He said just as the Internet, which was first called a bubble, ended up transforming the world; so is Bitcoin. He described the whole premise of Bitcoin being a bubble as ridiculous.
On the Security of the Cryptos
To another most important issue in this market-security, Mr. Draper had something to say. In fact, at this moment, he had to be joined on stage by Overstock.com founder and tZero’s CEO, Patrick Bryne.
They both agreed that even though the virtual currencies have been hacked a number of times, there is no single instance where the hackers have interfered with the systems. In his closing remarks, Mr. Tim Draper revealed that he is at peace with his money kept in Bitcoin wallet than the other one kept in Wells Fargo.