“Bitcoin will be bigger than the internet”-Tim Draper, Venture Capitalist
"This is bigger than the internet. It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution," Draper said at Intelligence Squared U.S. debate presented in partnership with Manhattan Institute's Adam Smith Society on Saturday. "This affects the entire world and it's going to be affected in a faster and more prevalent way than you ever imagined."
Draper is the founder of the leading venture capital firms Draper Associates and DFJ, and after his successful investments earlier, went on to predict that bitcoin will hit $250,000 till 2022.
"In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you're not using crypto," the early internet investor said. "I believe that there will be a point at which you will no longer really want any of the fiat currency."
In 2014, Draper bought approximately 30,000 bitcoins at a Marshals Service auction, and he still holds all the coins. If the claim still stands true, the venture capitalists’ holdings will be worth $268 million (as per Monday’s prices)
All this information was shared by Tim at a debate which he was a part of with Times Managing Editor Gillian Tett.
During the debate, the opposition highlighted immoral uses for bitcoin, its unpredictability, and risks to investors. To which Draper responded that he is "more secure in my bitcoin than I am in the money that's sitting there in Wells Fargo."
Alongside Draper was the Overstock.com CEO Patrick Byrne who debated in favor of bitcoin, and was equally confident in its security.
"This has been hacked at more than anything in history and has never been defeated," Byrne said. "Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too."
Currently, Byrne is in the process of reorganizing his retail business utilizing blockchain technology.
While there are more than 1,500 cryptocurrencies in existence according to CoinMarketCap.com, Draper said bitcoin has an "enormous" lead will likely win the "long-term crypto battle" because of its market share.
Image via Bloomberg