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Wednesday, November 8, 2017

Crypto News: Tim Draper On Bitcoin: 'In 5 Years If You Use Fiat Currency, They Will Laugh At You'

Tim Draper On Bitcoin: In 5 Years If You Use Fiat Currency, They Will Laugh At You

In 2014 Tim Draper bought 30,000 Bitcoin for under $20 million. Today, it's worth almost $215 million.

Tech startup founders tend to live in the future, seeing future developments that most can't yet perceive as achieved facts. The same is true, apparently, of venture capitalists. Tim Draper has led investments in companies like Skype, Tesla, and Twitter.

"In five years, if you try to use fiat currency they will laugh at you," Draper told me at WebSummit while wearing a tie with cryptocurrency logos on it. "Bitcoin and other cryptocurriences will be so relevant ... there will be no reason to have the fiat currencies."

Bitcoin, of course, is the grandfather of cryptocurrencies and currently has a market capitalization of about $120 billion U.S. That compares poorly to a global fiat currency value in the $2 trillion range. (Fiat currencies, of course, are how cryptocurrency fans tend to refer to national currencies.) But Bitcoin has appreciated over 700% in 2017 alone.

Full story at

Source: Forbes

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