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Fiat currency is on the way out, says billionaire venture capitalist Tim Draper.
In a recent episode of VC Hunting with Peter Saddington, the crypto supporter, known for his early investments in tech companies with transformative technologies, such as Tesla, Skype and Coinbase, predicts the widespread adoption of Bitcoin over the next decade as the king coin renders cash obsolete.
Says Draper,
“Once Bitcoin goes through some improvements, there is no way anyone will want to use fiat currency. I think it’s no more than two or three years out. And the reasoning is all these merchants don’t want to lose 4% every time you swipe your credit card. All of that engineering is being done. Some of it has been done, like Open Node and Lighting Network.”
As for Bitcoin’s price surge, he expects it to coincide with the technological developments that will allow BTC to compete with cash, outperforming it in various use cases, such as merchant payments.
Draper adds,
“I think it’s no more than two or three years out. So my prediction was Bitcoin at $250K by 2022 or the beginning of 2023.”
Last month, the legendary investor reiterated his call that Bitcoin will reach $250,000 by 2023. He targets the May 2020 halving as a major catalyst for the next “quantum jump in price.”
Featured Image: Shutterstock/Andrey Burmakin