Bitcoin [BTC] and altcoins will replace $86 trillion worth of “political” currency, says Tim Draper

Tim Draper, a famous venture capital investor, stated in an interview with AMTV that he makes only one prediction at a time, which was that the price of Bitcoin would reach $250,000 by 2022. He further added that individuals had the potential to “start their own government”, where social security could be ensured more efficiently and effectively.

Tim believed that by 2022, the market capitalization of cryptocurrencies would be close to $10 trillion. This would value Bitcoin alone at a $4 trillion market capital. According to Draper, the fiat or “political” currency was worth $86 trillion and he was confident that a better form of currency would slowly overthrow the fiat system.

He stated that this better form of currency would also be globally decentralized and frictionless. Furthermore, according to Draper, Bitcoin was a better currency and it would surely be among the top five currencies from the “$86 trillion” evaluation.

He further spoke about the stances taken by the government institution. Draper said that regulatory institutions would have to fight at their own risk. He added:

“You’re seeing China fighting back and losing all their entrepreneurs and you’re seeing Japan saying Bitcoin is a national currency, bring it on.”

Draper also spoke about the entrepreneur’s perspective where Binance, the world’s largest cryptocurrency exchange in terms of trading volume, had recently moved its operations from China to Singapore because they declared it illegal. Further regulatory issues in Singapore resulted in the exchange platform moving to Malta. Draper added:

“I actually think these various countries are gonna have to compete for us or they will just stay in the Dark Ages with political currency.”

In the recent interview with his son Adam Draper, where Tim spoke about Bitcoin’s price prediction, he also stated that over the next four years, there would be a major shift in the cryptocurrency ecosystem where Bitcoin, Blockchain and smart contracts could improve the quality of business.

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