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Venture capitalist Tim Draper is confident Bitcoin (BTC) will achieve mass adoption despite the recent crypto bear market.
In a new interview, Draper says the general public will start using Bitcoin in a big way once it realizes BTC is an option for everyday purchases.
“The masses are going to be coming in very soon, and once they do it’ll be all at once. Think of when you can buy your food, your clothing, and your shelter all in Bitcoin. There would be no reason to hold on to fiat currency because it’s just not as good, it’s tied to some political force, it has to go through the banks.
Bitcoin has much less friction and it’s global.”
The venture capital investor who made early bets on Coinbase, Hotmail, Skype, Tesla and Twitter says Bitcoin is strong enough to withstand the current economic stresses, which he compares to the Wall Street Crash of 1929.
“This is an exciting time. I knew this was going to go through fits and starts as it matures, as it becomes more centrally used and centrally available around the world. I’m very excited about what’s going on with Bitcoin and I do look at these machinations… I mean, yeah, it looks like we’re having the equivalent of a 1929 collapse today, but we’ve got a better technology in Bitcoin.”
Draper concludes by reiterating his belief in BTC while predicting that consumers will lose confidence in the dollar and pour money into Bitcoin instead. He adds that while larger governments see BTC as a threat, less powerful nations might seize upon the economic possibilities it offers.
“I’m a big believer. I’ve continued to buy Bitcoin over the years and have felt that at some point there will be sort of a run on the dollar.
Certainly, there have been runs on the peso in the Nigerian naira, but there will be runs on the dollar where people are running away from the dollar and moving into Bitcoin
Very exciting times. I know there will be other challenges for Bitcoin along the way, but it’s just better currency, and things that are better for the long term for the consumer usually do win out in the end.
But in the meantime, you’re going to see central banks getting a little nervous, governments getting a little nervous… Big governments getting nervous – little governments look at this as an opportunity.”
At time of writing, Bitcoin is priced for $20,289.