Though there are different views about Bitcoin’s importance, there is one person who believes that it is greater than the Internet. That is none other than the blockchain industry influencer and American Venture Capital investor, Tim Draper. Not only that, he compared with other big developments that human has seen in the history. He was talking during a debate in New York City on the Intelligence Squared. That meant the new age technology is bigger than even the industrial revolution as he was trying to address skepticisms concern on the technology.
Scale and Importance
Draper participated in the debate in which bitcoin bull and Overstock CEO, Patrick Byrne, also took part. There were participants who were skeptics about the digital currency and the technology. The billionaire investor has taken the opportunity to compare the virtual coin with that of his early investments in Skype, Hotmail, and Tesla. Generally, his focus was on the blockchain technology and went ahead to state that Bitcoin would be greater than the combination of these. That demonstrated the confidence he has with the new age technology and cryptocurrency.
Draper also pointed out the scale and importance of bitcoin, as well as, the technology. He thinks that it topped all big technological advancements in the history of human, cointelegraph reported. He was reported as saying, “It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution.” His views came amidst the regulators tightening their screws on the cryptocurrency exchanges and market around the world.
The blockchain industry influencer also repeated his prediction that no one would use the traditionally government-backed money in five years’ time. Recently, Twitter CEO, Jack Dorsey, viewed that bitcoin would become the single currency in the world in ten years’ time. However, it is a different issue that policymakers reject the theory pointing out different factors to support their views. This included the circulation of government-supported currency based on inflation whereas the digital currency has fixed numbers for circulation. Most of the governments are also not supporting the view though they acknowledge the technology’s promise.
In any case, Draper is unmoved by these skepticisms. He maintained that “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. I believe that there will be a point at which you will no longer really want any of the fiat currency.”
The venture capital investor was holding approximately 30,000 bitcoins at the end of December last year. He acquired the digital coins in 2014, and the value of the investment is nearly $270 million if he is still holding them. During the debate, the blockchain technology influencer also talked about bitcoin’s market dominance. He thinks that the biggest virtual currency would most likely win the long-term crypto battle against altcoins.
During his earlier speech in April at Draper University, the billionaire investor saw bitcoin reaching $250,000 per coin in the next four-year period. He claimed that the digital currency is a clear leader in the cryptocurrency market.…