Tim Draper, a renowned venture capitalist who is also credited as being one of the earlier investors in the Internet, recently showed his unwavering support for Bitcoin and other cryptocurrencies.
During his appearance on CNBC’s Fast Money, Draper wore a tie with a Bitcoin pattern, and did not just let his appearance do the talking for him, but ensured that he shared clear words of support regarding the new financial assets known as cryptocurrencies.
He mentioned that Bitcoin and other cryptocurrencies have the potential to essentially take over the process of day to day transactions as we know it, and within just a period of 5 years, would be able to replace what are currently considered as conventional modes of payment.
“They’re not going to use fiat. Five years from now, none us of will be.” Draper stated.
He stated that all the efforts that are being focused on cryptocurrencies are eventually going to translate into them being adopted on a wider scale.
“Because all of this engineering effort, all that excitement, this focus is really on bitcoin and all of the cryptos around it.” He stated. “And I think that’s what we’re all going to be using and paying with.”
Founder of Draper Fisher Jurveston (DFJ), an investment management firm, Draper is known for having invested in ventures such as Tesla and Skype. He also purchased around 30,000 Bitcoin in a U.S. Marshals Service auction in 2014, and reported in December 2017 that he still had the tokens in his possession.
Given Draper’s experience and his business acumen, it would be interesting to see how the prediction unfolds within the next few years.