Well-known venture investor Tim Draper, previously predicted the rise of bitcoin to $250 000 by 2022, convinced that in the future the global economy will make a turn to cryptocurrency, and that at the head of all these changes will stand bitcoin. This statement Draper made on the sidelines of World Crypto Con in Las Vegas, writes The Forbes.
Says Draper, in the moment, in the so-called “political”, that is the state currency is about $86 trillion, while the total capitalization of the market of about $150 billion ($125 billion at the time of writing). This ratio, he believes, will inevitably change, primarily because of the cryptocurrency faster and cheaper to maintain.
“With the help of cryptocurrency we can easily pay or invest, we can do anything – they operate smoothly and cost you less. Only the fact that they are cheaper makes them better for people. And people will go to cryptocurrencies, they will leave the political currency that they call Fiat”, said Draper.
According to him, will be a big mistake to try to cling to the old traditional currencies, and that is why small countries are more open to cryptocurrencies, ICO and blockchain technology. And it is also what is required of US, he said.
He also said that it will take not much time before the relationship between cryptocurrencies and Fiat currencies will become 50: 50, and spend bitcoins or to invest with its help it will be easier than using the dollar.
“I usually translate their dollars into bitcoin, because I think why do I need a currency that is tied to a certain political force, if there is a simple and global currency? I prefer a global rather than a political currency.”
He also said that he would like to create a venture Fund that operated exclusively in bitcoins.
“I want to raise funds in bitcoin, investing bitcoins in different companies and see how they pay their employees and suppliers in bitcoin. I want to avoid the accounting of the commissions, that all happened automatically. That it was all built into smart contracts, so that when a company is sold, I could just press a button and send money to their bitcoin wallets” — said Tim Draper.
In October, Tim Draper confirmed its previous forecast of about $250 000 for one bitcoin by 2022, but also said that to regulate the industry enough to write a one-page law, which will be spelled out only the registration process and launch of ICO projects.