The crypto market is looking much better today, with the most important digital assets trading in the green.
Bitcoin (BTC) was also able to surpass the $8,500 mark.
Tim Draper foresees a great future for crypto and Bitcoin.
Banks and payment giants have to find a way to deal with digital assets
He just said that the government, banks, and payment giants such as Visa have to figure out how they are going to deal with Bitcoin and cryptos.
During a brand new interview on YouTube’s channel Simulation, Draper addressed the origins of money and the reasons for which he believes that BTC will trigger a currency revolution all over the world.
“Most currencies were started just because people trusted them. It started out being shells, and then it was gold, and then it was the promise of gold. And now it’s a promise that the government would back you up, which is a little less of a promise…” he said.
He continued and explained that “All of a sudden, we have a currency that is not tied to a government and not tied to a geographic territory. That frees us, because governments have always used that currency to control. To, in some ways, keep controls over that currency.”
Draper said that “We can operate across borders much more easily. We can move money across borders much more easily. And we reduce the friction significantly…”
He continued and said that cryptos use newer, faster, cheaper, and better tech compared to anything else.
He believes that governments have to find a way to adapt to the future and not control everyone via the currency.
He said that with the help of new technologies, Bitcoin would become faster and cheaper than Visa, and finally, individuals and businesses will be able to eliminate high fees.
Check out more about what he had to say in the video above.