Tim Draper: cryptocurrency will drive out fiat money in 5 years

Tim Draper, billionaire and backer of at least two cryptocurrency and blockchain-related projects, has demonstrated an enviable optimism. He pictures 2022 with fiat money replaced by cryptocurrency and says everyone will laugh at people who still use fiat.

Yes, he made a good (and very bold) investment back in 2014 when he bought 30,000 BTC for less than $20 million, but what if the future is more boring than we usually imagine? In 1980s, futurists pictured Los Angeles of 2015 with strange self-driving cars and utopian new buildings. Los Angeles became better since then, but still not that good. This is what actually might happen to cryptocurrency — it will become more institutionally recognized and more valuable, but will be used alongside fiat money rather than completely replacing it.

And central banks still have the last word in this debate. Lately, the leader of the central bank in Singapore told that the concept of cryptocurrency replacing fiat is unrealistic, and we have more reasons to believe him than to a person who is financially interested in further hype increase. Other central banks seem to be in no hurry to recognize cryptocurrency either. There is still much work to be done, however, the overall long-term bullish sentiment of influential billionaires like Draper is something we can all consider beneficial for the future of cryptocurrency.