Bitcoin Will Surpass Fiat, According to Billionaire Tim Draper

Bitcoin Will Surpass Fiat, According to Billionaire Tim Draper

Bitcoin has received a lot of attention from billionaire tech and cryptocurrency investor Tim Draper. Draper recently shared some of his opinions on BTC during a Fox Business interview. Draper, who is the owner of Draper Companies and a recognized authority in a number of investing fields, voiced his conviction that Bitcoin’s toughness and technological edge will eventually result in widespread adoption. He added that BTC would surpass fiat and that it is a better and safer alternative to banks and governments regulating the value of money.

Strength of BTC

Draper fervently supports Bitcoin as a superior choice to conventional fiat money. He thinks Bitcoin’s technology is superior to the requirement for governments and financial institutions to set the value of money since it uses a decentralized, trustless system with many thousands of nodes validating transactions. Draper predicts a gradual movement towards Bitcoin payments, which will result in greater adoption, as more merchants become aware of the possible cost savings of adopting Bitcoin (up to 2% relative to credit cards). “BTC is recognized everywhere. And, according to Draper, it’s just another matter of time until merchants realize they may save 2% simply accepting BTC.

Uprising future of bitcoin

Draper has a positive outlook for the future and believes that Bitcoin will have a positive influence. He believes that BTC will revolutionize both currency and business. Draper claims that the majority of engineers are currently working to improve bitcoin. Taproot, the first upgrade to Bitcoin in four years, was released last week. The change, which is scheduled to go into effect in November, will purportedly result in increased transaction efficiency and privacy. According to CNBC, it also aims to open up the bitcoin blockchain’s potential for smart contracts. Bitcoin “is something unlike Microsoft [in] the computer world or like Amazon in the online shopping world,” Draper claims. In his opinion, bitcoin will dominate all financial activities over the next 20 to 30 years.