📢 ₿ Bitcoin will replace Dollar? Even celeb venture capitalists are saying this

[Minor Miner]

Flock you know this Billionaire?
This is Timothy Cook Draper, the most well-known venture capitalist in USA, and founder of Draper University.


Could you guys remember this early-stage BTC investor? Draper is the first strong hand who dared to say BTC would hit 250K when Bitcoin was trading below 4k per unit in 2018! He spread this possibility of Bitcoin to the whole world from Draper University by arranging a blockchain party.

According to CNBC Report When Elon Musk started criticizing about Bitcoin and fossil fuels. Draper strongly answered him, he said that "big banks have their own environmental issues."

A few days ago I've seen someone in this forum talking about the Silk Road acquisition, if I recall correctly this is Draper who single handly scooped up around 30K BTC (not 30K worth of BTC, its 30K BTC ) from the US govt when they opened an auction to sell BTC from Silk Road operation in 2014.

I am a Bloomberg TV show fan,. Last Tuesday it caught my eyes when I saw Draper in a LIVE TV show on Bloomberg with this heading- Why Tim Draper Is Still Bullish on Bitcoin



I found it very interesting, I'm sharing his statement with you.


In this interview, Draper's keynote was that he figured out the US Government's shift to Bitcoin. In recent times the government able to realise the actual benefits of Bitcoin. Also, he said some other things which are very interesting, why? cause I found no celebs dare to make such kind of talk on Live TV show.
I am presenting his exact statement to you through screenshots, I also quoted his statement below.

I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in Bitcoin. And people won’t want dollars anymore.

Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?

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[Charles-Tim]

Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?

Dollar is a legal tender and more stable. But in long term, it is a depreciative asset. Dollar is better than the fiat of many countries. Why is bitcoin not dominating yet in those countries with high inflation rate? There is nothing that will compete against fiat because it has its own purpose.

Bitcoin is not a substitute but an alternative because it is more volatile but it is an appreciative asset. That does not makes it a substitute but an alternative.

[btc78]

Not only is he a venture capitalist he is also a bitcoin enthusiast we have to take note of that

I do think that the time where bitcoin will be used instead of dollars would eventually happen and there will be nothing to stop that from happening more and more, people are starting to recognize bitcoin not just as something invest in but as an actual currency to be used

It is crucial that we do not listen blindly to other people’s opinions because someone who does not like bitcoin even if they are an expert in their field will of course say that bitcoin will crash on the other hand someone who adores bitcoin will say otherwise

It is up to you to try and figure it out for yourself and as someone who has bitcoin, i can definitely say that bitcoin is our future

[pawel7777]

Blast from the past. I totally forgot about him. Thanks for digging up this interview OP.
Yup, he made a brave move of purchasing 30k bitcoins from FBI's auction back in 2014. I don't think he ever disclosed the exact amount he paid, but it was worth around $17-18 million at that time. If he held on to all of it (which I doubt), the stash would now be worth $1.3 billion - a pretty fortunate investment.

As for replacing the Dollar - it won't happen until some post-apocalyptic scenario, or at least until the current financial system collapses. But that's OK, Bitcoin doesn't have to replace fiat to be successful. I'd rather have it as an asset/currency of choice rather than something mandated by the government.

[nelson4lov]

Tim Draper is an investor not just in Bitcoin but a ton of other tokens aand he has also been investing in ICOs back when they were still a thing in 2016-2018. If there's one thing I know about these venture capitalist like Tim Draper is that they're not too interested in the technical side of things. As long as they can shill their bag (BTC) and numbers go up, they are good

Btw, the quotes from the video is talking about things that are already happening and nothing new - These days, you can most things or pay for services using Bitcoin.

[Mpamaegbu]

No matter how a maximalist anyone wants to be, once they touch on the issue of Bitcoin replacing dollar/fiat, I lose confidence in them. Don't get me wrong. I want to see Bitcoin grow to the point of mass adoption (I believe most of us here want that too) but we've to face reality of that replacement never ever going to happen. In some of my previous posts on this issue, I had stated reasons that wouldn't make that happen.

As for Tim Cook, his $250k prediction of Bitcoin for 2022 was off the mark. Come to think of it, didn't he know that 2022 was supposed to be a bear year? But of course, that was what it was supposed to be. It's the same way most of us know that 2026 will also be another bear year. How would he then put a prediction for such a price level that year? He could've said 2021 or 2025 and then we see what happens next. It shows how reckless he's with his predictions and comments. No one should trust everything Tim says without verification even if it gets them excited.

[Zlantann]

Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?

I read the story of Tim Draper buying all 30K auctioned coins after losing 40k BTC In The Mt. Gox Collapse. He was such a fearless and strong believer in Bitcoin and it is always inspiring to read about Bitcoin believers like this. His predictions might be correct because Bitcoin has the potential to get to the amount Tim predicted but I don't see Bitcoin replacing the dollars. And I don't also think that Bitcoin was designed to be the only currency. Bitcoin will be an alternative currency for a long time. It is moving to a stage where it will take its place as digital gold, which means it might be used more as an investment.        

[logfiles]

For Bitcoin to replace the dollar or other fiat currencies, Governments have to make it the legal tender which I can bet you most won't allow, of which the reason is pretty obvious. They can not control bitcoin or print more of them, like the way they do with their fiat currencies. More and more people can use bitcoin for payments and other forms of transactions with the Government approves or not. At least to my understanding, that was the whole point of Bitcoin's creation.

[wallet4bitcoin]

As much as this topic doesn't want to be discussed in public places and the reality of it doesn't sound good to the conventional financial system and the downside of the phasing away of the dollar, it still remains an obvious truth.

The introduction of the blockchain technology has further exposed the disadvantages of the conventional financial system and the banking systems have become limited in its operations and regulations knows this but it also renders them incapacitated.

[tabas]

He's one with us and known to be bullish on Bitcoin long time ago. I think that it's better to say that it is the financial institutions that are now into Bitcoin and not the government. Because with the "shift" as he said about the US government into Bitcoin, they're just like going on to a thing that they have no full control of it and if they did, they shouldn't sold the Bitcoins that they've seized. Bitcoin as a reserve for the government? I don't think that will happen but there's a slight chance that it will. Whilst for the financial institutions, we've got the Bitcoin Spot ETF and it's being followed by one and the other institutions. But only time can tell on what can actually happen in the nearest future.

[hatshepsut93]

Never trust for these influential people are talking about Bitcoin. They are not your friends, they are not your allies, their only goal is to enrich themselves, not help others get more rich too. If they are praising Bitcoin, predicting high prices or talking about BTC replacing something, it's because they bought a lot of it. And you know what comes after that? Some day they will sell to take a massive profit. And it could very well be that while these guys will pocket hundreds of millions, small investors will continue holding and waiting for that predicted magical price range that might never come or come decades away from now.

[Z-tight]

In this interview, Draper's keynote was that he figured out the US Government's shift to Bitcoin. In recent times the government able to realise the actual benefits of Bitcoin.

This statement is not true, there is no shift of the U.S. government to BTC, surely for now they are not going to ban BTC or make it illegal, but what they will do is regulate it strictly and try to find out what their citizens do with their coins, in other words attacking privacy and privacy solutions and promoting centralized and custodial services.

BTC is not going to replace the U.S. Dollar, we have had this discussion so many times. They are both different kinds of currencies, and if you are talking about BTC replacing the U.S dollar, you are saying BTC is going to become the world's reserve currency, which cannot happen.

[thecodebear]

I remember that day in 2014 when the US Govt did the blind auction for like 27000+ BTC while Bitcoin was hanging around $600 and Tim Draper won by bidding like $630 or something. Cost him around 17 or 18 million dollars and it's now worth over a billion dollars 10 years later. Eventually he's going to hit 1000x on that and it'll be worth in the tens of billions.



Draper way overshot his $250k prediction. $250k I think has a good chance to happen in the 2029 bull market, so he predicted it probably 7 years early.


As to his comments...

Will we one day be able to buy pretty much anything with Bitcoin. Yes absolutely. Eventually bitcoin payments are going to be in every electronic point of sale system alongside credit cards, apply pay, google pay, etc.

Is it going to replace the dollar, or other national currencies. No. Let's get real. Governments aren't going to simply give up the currency that they literally create and control (giving them vast economic power) and switch over to a currency they have zero control over. ESPECIALLY the US because the dollar is the reserve currency of the world and that gives the US huge economic advantages over every other country.

But of course times are changing and maybe in the next few decades the world abandons the dollar and its just another currency. But still America, or any other nation that issues its own currency, isn't going to scrap the thing that gives them a lot of economic power and go to Bitcoin.

I mean maybe if nations as we know them, or at least the current nations that exist, literally collapse, Bitcoin could potentially be the front runner for global currency to take over. But assuming the geopolitical world stays roughly as it has been for a long time now, no Bitcoin ain't going to replace anything.

What Bitcoin will likely do is become the world's alternate currency, used right alongside all the national currencies. And most people are eventually going to probably do most of their savings in Bitcoin because why the heck would you have anything but short term savings in inflationary currencies when you can save in a supply capped currency (which other huge benefits like you own it yourself and its global).




And OP, no it's not going to happen soon. Probalby like 98% of people still don't have a clue what Bitcoin really is or they think it is some sort of scam / risky tech thing / it was a bubble "it's too late now, I missed out on it" / destoying the environment / etc. As long as the general public thinks those things it's not going to suddenly become widely accepted.

I'd say we have probably about two decades until the tide turns and Bitcoin starts being normalized by the general public. And during that time it's going to be a bumpy ride with most people still continuing to bad mouth Bitcoin. By the 2050s I think it'll be normalized and people won't hate on it anymore and they'll have no problem saving in bitcoin and spending it at stores or online. But they'll mostly be spending their national currencies, only using bitcoin to buy things when they are spending their bitcoin savings.

[Darker45]

If I am to be realistic, I'd say that such a day is not in the horizon. It might take decades if not a century for the dollar to lose relevance. It takes no less than a whole paradigm shift for the dollar to end. For as long as money is based on fiat, the dollar will remain in existence. For as long as money is tied with the government, dollar is here to stay. Besides, dollar and fiat in general can transform into different forms to keep up with technological advances and to pursue inclusion.

[LDL]

Digital currencies are gaining popularity day by day but it does not mean that it can easily replace world reserve currencies overnight. Maybe bitcoin is gaining popularity and the number of bitcoin customers is increasing day by day in a geometric way but it will be possible for bitcoin to replace the dollar but not easily possible.
People's confidence and interest in a currency decreases when the amount of inflation in that currency increases. When the rate of inflation of a currency increases, investors or holders do not want to hold those currencies because holding them depreciates in value over time.
When a currency's value declines over time, people distrust that currency. But people's distrust of the dollar has yet to arise and the dollar is still one of the most popularly accepted currencies in the world. Most of the world's investments revolve around the dollar, so replacing the dollar will not be an easy task.
However, if inflation is seen in the dollar over time and if people show distrust towards the dollar, on the other hand, if the popularity of bitcoin spreads like a revolution all over the world, and if the world's top class investors invest in bitcoin instead of dollars, then only bitcoin potential will be created.

[Learn Bitcoin]

Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?

Keep dreaming about it. I consider myself a Bitcoiner even though my Bitcoin holding is not anything significant. But I do not think we are even close to this time. Bitcoin fluctuates a lot and it's not possible to set a fixed price with Bitcoin for everything you buy from the market. Another problem is the high fees. I don't think people are that much idiot to pay $10 transaction fees for another $20 product. The lightning network could be a solution, but it does not eliminate all the issues. Bitcoin is Bitcoin. It is great as an Investment asset just like gold. But, do you use gold to do regular shopping? I know you don't because it's not possible. If Bitcoin fees remain like that, I don't think dollars with replaced by Bitcoin anytime soon. Feel free to criticize me!

[Poker Player]

Could you guys remember this early-stage BTC investor? Draper is the first strong hand who dared to say BTC would hit 250K when Bitcoin was trading below 4k per unit in 2018! He spread this possibility of Bitcoin to the whole world from Draper University by arranging a blockchain party.

I don't get it. You open a thread all excited about this guy who made a failed prediction about the price of Bitcoin? You might as well open one about McAfee and his promise that he was going to eat his penis on national TV if the price didn't reach $1M by 2020. And, yes Draper bought Bitcoin which has appreciated in value just as McAfee also had Bitcoin.

I am a Bloomberg TV show fan,. Last Tuesday it caught my eyes when I saw Draper in a LIVE TV show on Bloomberg with this heading- Why Tim Draper Is Still Bullish on Bitcoin

Is there any Bitcoin holder that is not bullish this 2024? I don't care if he is bullish or not.

Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?

Draper could have promised to eat his dick if that doesn't happen soon.

If I am to be realistic, I'd say that such a day is not in the horizon.

Of course not, I guess what Draper is doing is propaganda to encourage more people to invest and to increase the value of the Bitcoins he has.

[OcTradism]

Bitcoin gives us an opportunity to make our choice to either use banks without control of our money or use Bitcoin with private keys and have our own banks.

It is a great choice for everyone but we have to make decision and also need to have knowledge to know where to store our bitcoin. Surely it is not centralized online platforms.

Reminder: do not keep your money in online accounts

Bitcoin will not completely replace dollar or any fiat currency in a meaning that if there is Bitcoin, there will be no dollar or fiat currency. They will co exist in societies and economies globally.

[Helena Yu]

Before thinking Bitcoin will replace Dollar, it's better if we going back to 20th century.

Gold was used to be an international monetary system, as we know gold is scarce and valuable. In terms of economic value, it's nothing different with Bitcoin since the price won't depreciated over time. Government was successfully brainwashed the citizens to trust Dollar that not backed with gold standard in 1971 until now because they can advantage over prints new money.

Why they need to going back to Gold Bitcoin standard and losing their advantage?

[pooya87]

No, it is impossible for Bitcoin to replace any fiat currency least of which the US dollar. Anybody who claims otherwise has no understanding of the world, the economy and how the governments work.

They need to have a control over their own fiat currency to run their country. See the handful of countries that don't have a currency of their own and see how messed up their country and their economy is.
A regime like the US regime, requires full control specially on the fiat they print. Imagine for a moment where nobody used the dollar and were using Bitcoin instead. How would Biden print trillions of dollars worth of Bitcoin to cover this massive and constantly increasing budget deficit? The whole system would fall apart.