Despite the sharp fall of the crypto-markets, Tim Draper remains enthusiastic.
In an interview with Mike Green of the Thiel Macro company a few days ago, the billionaire investor said he was convinced that virtual currencies would eventually take over fiduciary currencies.
“We can easily spend, invest, or do whatever we want with crypto-currencies – they work without friction, they are less expensive,” he told Green on the sidelines of the “World Crypto Con Held in Las Vegas in remarks reported by Forbes magazine.
“What I mean is that the fact that they involve lower costs implies benefits for individuals. These will eventually turn to cryptocurrencies, and they will sulk the political currencies – the so-called fiduciaries “.
Last week, Bitcoin plunged below the $ 4,000 mark, losing 80% of its value since its historic record, recorded in December 2017. For its part, the total valuation of all the crypto-currencies that trade in the markets decreased by almost 35% in just two weeks.
At the writing of this article, the digital currency devised by Satoshi Nakamoto had found some colors. It was trading at nearly $ 4,200, up more than 12% over the past 24 hours.
An inevitable transition to cryptocurrencies?
For Draper, some countries are already on the verge of turning to digital currencies:
“It’s the way things will evolve. Visionary countries say that’s the way things are going to be. We are going to make a big mistake by continuing to cling to our old currency. And that’s why we can hear small countries saying “yes, we want Bitcoin, we want ICOs, we want the blockchain. We want all these technologies in our country, “he added.
Regarding the future of Bitcoin, the investor remains optimistic. He is still convinced that the price of the first digital currency will reach $ 250,000 by 2022.
He also believes that the value of Bitcoins will one day represent two-thirds of that of all currencies circulating around the world.
Commenting on the differences between the BTC and the dollar, Draper said he prefers to invest in Bitcoin, a “frictionless and global” currency that is not controlled by any political force.
Tim Draper would like to start a venture capital fund exclusively in Bitcoin
During this interview, the billionaire also indicated that he was considering launching an investment fund that would provide financing in BTC:
“Ultimately, I want to be able to set up a fund that runs entirely in Bitcoin, invest it totally in Bitcoin in different companies, and make sure that they pay their employees and their suppliers exclusively in Bitcoin. They would not have to pay any accounting fees, and everything would be done automatically. And that would be written in “smart contracts”: thus, if one of these companies was sold, I would only have to press a button so that these sums are transferred to all of their Bitcoin portfolios “.