Tim Draper is an early investor in massive tech companies such as Tesla, Skype, and Hotmail. Now, he discusses on CNBC the government scrutiny of Facebook and concerns over user privacy and also his regulatory issues that have been faced by companies thinking about going public. He also states that Bitcoin is currently the most secure place that someone could put their money into.
He says that people who are happy and relaxed with their fiat currencies should consider the fact that the world is currently witnessing a major revolution that allows for a better and more global, useful and more secure currency that is open to everyone.
He also addresses that fact that hackers are poking holes in the banks these days, going after our fiat money and we don’t even know it.
Tim Draper bought 30,000 Bitcoin back in 2014
Draper is a famous advocate for cryptocurrencies. Back in 2017 he said something that became a famous quote used by the people in the crypto space since then: “’In 5 Years If You Use Fiat Currency, They Will Laugh At You”, he told Forbes’ John Koetsier at WebSummit while wearing a tie with cryptocurrency logos on it. “Bitcoin and other cryptocurrencies will be so relevant … there will be no reason to have the fiat currencies,” he said.
Back in 2014, Draper bought 30,000 Bitcoin under $20 million, and today they’re worth about $215 million.
Draper says that fiat currencies are bounded by country borders, but these challenges are overcome by Bitcoin. His opinion is that they will all disappear and “they’re all going to interrelate … and there will be exchange rates for all of them. My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has the most value,” he told Koetsier.
Even if the crypto world is not simple, Draper thinks that the technology and smart marketing will abstract away its complexity.