[2017-11-09] Fiat Currency Will be Laughable in Five Years Says Billionaire Tim

[Terraformer]

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

Tim Draper has every reason to be bullish on Bitcoin as he has seen his $20 mln investment in the digital currency grow by over 1,000 percent in just three years. Draper is now predicting that in five years fiat will be so obsolete, it will be laughable.

The tech investor has made a fortune backing companies like Skype, Tesla and Twitter. He first got involved in Bitcoin after he bought 30,000 of them in 2014 in a government auction of assets seized from Silk Road.

Don’t be a laughing stock

While Draper may be on the defensive after his ICO baby Tezos became embroiled in scandal, leading to a class action lawsuit, he is still highly bullish about the future of the grand-daddy of digital currencies. Draper told Forbes:

"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."

Bitcoin, and the rest of the cryptocurrency market, recently made it over $200 bln in a rally that saw Wall Street again add fuel to the fire by announcing trading in Bitcoin futures. This pales in comparison to the trillions of dollars in global fiat currency supply. Nonetheless, the fact that Bitcoin has appreciated over 600 percent this year is reason enough to believe it is on a rocketing trajectory, aiming at the fiat market.

Fiat bound

Draper goes on to explain how fiat has its limitations, the same limitations that are really starting to bug a progressive and forward thinking global population.

Crossing the border for any currency is never a pleasing or easy exercise. The Nigerian Naira drops 30% when you cross the border. Outside Argentina, the country's peso is currency nearly worthless, and there are other countries where this is true as well.

In Zimbabwe and Venezuela, their currencies have either disappeared totally, or are on the brink of total collapse, and already Bitcoin is doing its bit to pick up the pieces.

Seeing a future for ICOs

Draper may have been stung by Tezos, however, he still sees a future for altcoins and ICOs. The billionaire sees a future with hundreds, if not thousands, of different digital coins. Draper added:

“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 most value."

https://cointelegraph.com/news/fiat-currency-will-be-laughable-in-five-years-says-billionaire-tim-draper

[Lucius]

Tim Draper prediction will probably be achieved in 2018 and we will see 10 000$ price like he say 3 years ago.He was very brave and smart at that time and he has already made a fortune on its investment.I think he's right about fiat and we can see that in some countries people trust more to BTC and other cryptocurrency then domestic currency.Since we are in the digital age and technology is progressing unstoppably it is very likely that fiat become less dominant and that more and more people turn to BTC and some other coins.

Here is video with his prediction,I remember that I watch this video somewhere in the time when I first heard of BTC : https://www.youtube.com/watch?v=VwDtU3l7OK0

[2double0]

Tim draper is not less than a paradigm of hodling and patience to me as I remember when he bought the seized coins in auction at 650 and price went off to 250 all of a sudden. He didn't lose hope and is now experiencing the best returns over his investment not many could have. His prediction about Bitcoins going to 10k will be accomplished this year itself and his statement on fiat currency, if goes true, then I believe that Asian countries like China and India will regret their decision on not supporting bitcoins and going for their own fiat-controlled cryptocurrencies. You need a lot of courage to be Tim Draper, that's all I know about that man.

[warrior333]

I find it strange to listen to such experts. Where did they come? Why do they make such statements? Never state can not exist unless you have your Fiat. States should regulate the economy. Must be able lending to enterprises for their development and modernization. How do you imagine lending in bitcoins if the prices go up 700%? The Fiat always will be. Maybe the form will change but the principle is the fact that the state has the ability to adjust the turnover of Fiat will always remain.