Tim Draper, a well known expert in the cryptocurrency field has made a bold statement that suggest Bitcoin could be bigger than the internet, and goes even further to suggest that the number one cryptocurrency could actually replace fiat currency in just five years from now.
Whilst he was making his speech he also noted that he felt that Bitcoin was actually much bigger than other major developments in human history, comparing it to the Renaissance and the Iron Age! He made these bold statements at a debate that took place with Overstock CEO and Bitcoin bull Patrick Byrne, where they discussed cryptocurrencies with two sceptics. Draper compared Bitcoin and the whole blockchain technology to his early investments in Skype, Tesla and Hotmail, but did note that Bitcoin would be bigger than all of them combined.
He added how he believed that we would soon be buying everyday items with the popular cryptocurrency in no time at all, saying;
“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto. I believe that there will be a point at which you will no longer really want any of the fiat currency.”
There is no denying that Draper has a lot of passion when it comes to Bitcoin. By the end of last year, he had approximately 30,000 BTC, making his portfolio worth around $270 million now. During the debate with the sceptics, he also pointed out that Bitcoin had great market dominance, adding that the first cryptocurrency was likely to win the long term crypto battle against the controversial altcoins.
This is not the first time that he has made huge predictions for Bitcoin. Just earlier this month, he announced that he believed that Bitcoin will reach a price of $250,000 per coin by 2022. That is a lot of growth that has to happen in just four years, but as he claimed that Bitcoin is the leader of all cryptocurrencies, if anyone is likely to do it, it will be Bitcoin.
Only time will tell whether Drapers predictions are correct or not.