Fiat Currency Will be Laughable in Five Years Says Billionaire Tim Draper

[Chikitita2004]

"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant ... there will be no reason to have the fiat currencies."
https://cointelegraph.com/news/fiat-currency-will-be-laughable-in-five-years-says-billionaire-tim-draper

What can you say on this folks?

[HabBear]

I'm curious what he means by "laughable"...and who will be laughing.

Fiat currency isn't going anywhere, especially in 5 years. Tim Draper is delusional if this is what he's expecting.

Fiat currency will continue to serve it's utility as a exchange of value for goods and services, controlled by government, value deflating, etc.

Bitcoin is quickly evolving to become an asset class, particularly one that is easier to get in an out of than stocks or bonds. SO Bitcoin will serve as a safe place to hold currency/savings, which will maintain or increase value, which can then be transferred into fiat for spending.

The challenge with using Bitcoin transactionally is that you generate a taxable event at each sale, which becomes a nightmare for any user.

[stompix]

"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant ... there will be no reason to have the fiat currencies."
https://cointelegraph.com/news/fiat-currency-will-be-laughable-in-five-years-says-billionaire-tim-draper

What can you say on this folks?

That in 5 years, no matter what the price of bitcoin is going to be , no matter if fiat would still be around or not...poor Tim is going to watch it unfold from a prison cell.

But 5 years is far too early for that, these are just bullish statements form a guy that need his asset to gain value to avoid bankruptcy.
Do we have the solution for lets say 4 or  5 billion people using bitcoin daily set in place?
Until then, let's move this "prophecy" to 25 years from now on and it might sound a bit more realistic.

[soepri]

"there will be no reason to have the fiat currencies."

like really ? do you think cryptocurrency will completely replace fiat ? no dude i think cryptocurrency will go toghether with fiat. maybe the use of cryptocurrency become mainstream and everyone use it but it almost imposible to replace fiat

[Ucy]

No!, Fiat(or any better physically money) must never cease to exist. We must be careful the way we go about this journey. Having everything on the Internet without a backup plan is extremely dangerous & unnatural. Nature always provides alternative incase something bad happens. Where is our alternative? 

[gz1derbread]

After 5 years, it is only possible to strengthen the positions and trusts of bitcoin among ordinary people. But in 20-25 years you can already think about replacing Fiat. But for this bitcoin should be extremely perfect and fast.

[tiggytomb]

I read this earlier today and had a little chuckle, I can understand where he is coming from as it's almost like saying you can enter a competition by texting or sending a postcard.

I think it will gradually take over to the point where if you do pay cash for something you will end up getting a look like you would if you tried to pay by a cheque nowadays.

The future is coming piece by piece.

[Xavofat]

I think it will gradually take over to the point where if you do pay cash for something you will end up getting a look like you would if you tried to pay by a cheque nowadays.

The two are not comparable.  A cheque is a different method of spending fiat currency, while BTC is an entirely new and unrelated currency.
Considering that the Bitcoin network is currently capable of a transaction capacity of about 3 transactions per second, maybe 5-6 if everyone used SegWit and the circumstances were ideal, I strongly doubt that crypto will "take over" just about any other currency for a long time, if ever.

People are getting unnecessarily hyped and I see it as damaging to BTC how some people come up with outlandish predictions like this.

[bitart]

After 5 years, it is only possible to strengthen the positions and trusts of bitcoin among ordinary people. But in 20-25 years you can already think about replacing Fiat. But for this bitcoin should be extremely perfect and fast.

It won't replace fiat even in 25 years, bitcoin and (that time digital type of) fiat will leave next to each other. Governments and central banks are developing their own digital currency (digital fiat like in Sweeden) so Bitcoin will have competitors in case of national payments. For international payments, we only need to reduce the volatility of the price of bitcoin and gain mass adoption, because bitcoin is capable to handle international transactions but not ideal yet.

[MissionPhailed]

Laugh? Laugh if someone tries to travel by horse & carriage instead of a car? That aside, I highly doubt developments will go as rapidly as predicted by Tim Draper. Fiat currency is still very strongly embedded in society and used by everyone and for everything. Real estate, cars, taxes, food, hookers, electrical bills, etc. Crypto is still tiny and 95% of people active in cryptoland are 'here' with the aim to make more fiat money by trading and speculating. It requires a change in the mentality of the majority of people active in cryptoland for the prediction of Tim Draper to become reality.

[jekjekman]

"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant ... there will be no reason to have the fiat currencies."
https://cointelegraph.com/news/fiat-currency-will-be-laughable-in-five-years-says-billionaire-tim-draper

What can you say on this folks?

I love Bitcoin and its usage but I don't really think that it will replace Fiat currencies of any country in the next five years or so. Tim Draper is just only so hyped up by the result of his $20 million investments that earned him more than 1000% maybe that's why he said it and he is so happy to laugh about everything. Bitcoin and other cryptocurrencies will surely become more relevant in the next few years though but it will not change the Fiat currency to wherever it is right now.

For me fiat currency symbolizes the identity of a country that it represents so eliminating it is like taking away the thing that is so significant for a nation, not all of the people in the world can use cryptocurrencies and it is meant for the digital world as it is a digital currency.

[2fresh]

Yeah sure, what will governments be doing the coming 5 years Tim? Sit back and watch while this happens?

[Pleione527]

That can be possible if the supply of cryptos will be enough to the growing demand of bitcoin and other crypto currencies because there is a limitation of supply I don't think it can accompany the market circulation anyway there's a lot of solutions created by developers 5 years maybe enough for them to give the most reasonable supply I am looking forward for the day digital currency will be welcome worldwide

[mrcash02]

It's evident the overstatement on this phrase. Fiat surely  won't disappear overnight without traces, Crypto-Currency adoption can increase and will probably increase a lot, but not at the point fiat will become worthless. It's important to say internet didn't reach everywhere yet and many people don't use it. 5 years is a short time period to introduce 99% of the globe into Crypto world. But the exacerbate Crypto-Currency's propaganda is evident on his statement...

[illinest]

"In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant ... there will be no reason to have the fiat currencies."
https://cointelegraph.com/news/fiat-currency-will-be-laughable-in-five-years-says-billionaire-tim-draper

What can you say on this folks?

Tim Draper may be a visionary when it comes to the big picture/long term, but he is way off here. You can lump this in with his idea to split California into six states -- he wants to make Silicon Valley its own state!

I'm very skeptical of the idea that cryptocurrencies will replace fiat currencies on any timeline, unless governments are abolished completely. The power of fiat is the mandate of government authority: for example, you need to pay your taxes in the prescribed (national) currency. The same goes for legally enforceable debts.

Cryptocurrencies are very interesting because they allow for an "opt-in" economic system where people can invest in decentralized monies to hedge value (as well as for medium of exchange). It's not so different from buying gold. But don't underestimate the power of government authority.

Yeah sure, what will governments be doing the coming 5 years Tim? Sit back and watch while this happens?

The Crypto-Yuans and Crypto-Rubles are coming. And a lot of people will be duped into thinking that they are no different than decentralized cryptocurrencies like Bitcoin.

[smartbitcoininvestor]

The only way cryptocurrencies will replace Fiat is if crypto becomes Fiat in another form. I don't see the governments losing their grasp of power, but I do predict a revolution in the way that we hold, carry and transact money.

Cryptocurrency is a new technology with many advantages. It would be foolish for governments to regulate it and not adopt it at some point.

[LilibethSantos]

5 years is a bit of an exaggeration. I would say 10-20 years is more realistic before Bitcoin/crypto becomes the dominant currency.