Bitcoin [BTC]: Tim Draper dismisses fiat currency’s relevance in the face of crypto’s growing importance

Following the entry of several institutions into the cryptocurrency space, world renowned venture capitalist Tim Draper, has also openly opined in favor of crypto. Sharing the sentiments of entrepreneur Brock Pierce, Draper shared that his focus was on improving humanity. Citing the ongoing dispute between the United States and China, Draper said,

“That’s friction between the two leaders of those countries. It’s not friction between us.”

Draper reinforced the statement by revealing his own relations with people from countries around the world. He credited leaders of several small economies in taking the first few steps towards embracing blockchain and cryptocurrencies.

“Estonia and Malaysia already have virtual citizenship program. There are many countries including Kazakhstan that are going through similar developments.”

Additionally, Draper said that mainstream media was losing relevance, and that anyone can spread the right news through various social media platforms available globally, making everyone less fearful of being misled by mainstream media. Taking about the impact of crypto on the modern world, Draper revealed,

“There was the possibility that ICO would replace venture capital. I believe that, (eventually) I’ll be able to raise a fund in Bitcoin [BTC], put it out in Bitcoin, have the entrepreneurs pay their employees and suppliers in Bitcoin.”

Once this is achieved, Draper envisions building the entire process into a smart contract so that his investors could end up having a really a great experience by getting paid exactly what they’re due, at the exact time.

Taking a shot at banks and banking institutions, Draper linked high cross-border transaction fees to the general, lavish lifestyle of bankers.

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