The American venture capital investor, Tim Draper has said that even though we are currently undergoing the crypto winter, that isn’t a reason to lose hope as he believes the time of fiat currencies will end in five years.
Even when the cryptocurrency market is still going under a lot of pressure from the bear trend, there is still a lot of active supporters of the industry who have strong hopes that there is a bright future ahead for the market. Some of the bravest ideas have come from the billionaire investor, Tim Draper.
Only Criminals will use Fiat
Draper recently sat down in a interview where he claimed that cryptocurrency would become the mainstream across the globe and that only criminals will use fiat currencies.
The venture capital investor has always been very bullish when it comes to his predictions. More so than a lot of many well-known crypto enthusiasts such as the Winklevoss twins and the CEO of Coinbase Brian Armstrong.
Draper is a firm believer that Bitcoin has the capabilities to change the world but he also believes that the crypto market as a whole has this possibility.
In the past, Draper has expressed his idea that in fiat would lost its dominant status in just five years time. Despite all the continuous market trends, Bitcoin would recover with a full transition to cryptocurrency occurring.
Back in November, Draper said “down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less.”
Confirming his standpoint he said, “the criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”
He went on to explain that his wild prediction came from the fact that criminal actions could be easily detected on the blockchain and that’s why only the usage of fiat would give fraudsters the ability to stay unnoticed.
A few years ago the CEO of JP Morgan Jamie Dimon, said that Bitcoin is a fraud but in a recent announcement by the banking institutions, Dimon seems to have shocked the community by saying something the complete opposite.
The announcement, made by the CEO said, “not many bitcoin knock offs have worked particularly well, but they all add to the interest in bitcoin.”
Last week the bank announced a JPM Coin which didn’t do much at the time for the market but yesterday saw the price of Bitcoin nearly touch $4,000.
Is this a sign of things to come?