Draper Predicts Crypto is Destined to Take Fiat’s Place

Tim Draper, American venture capital investor, and well-known Bitcoin bull, made the claim in a recent Fox Business interview that fiat would be the new go-to currency for criminals as crypto becomes the new global currency.

Date: 
February 20, 2019
Read time: 
2 minutes

Draper Predicts Crypto is Destined to Take Fiat’s Place

Author: Dylan B
Date: 
February 20, 2019
Read time: 
2 minutes

Tim Draper, American venture capital investor, and well-known Bitcoin bull, made the claim in a recent Fox Business interview that fiat would be the new go-to currency for criminals as crypto becomes the new global currency.

Tim Draper, American venture capital investor, and well-known Bitcoin bull, made the claim in a recent Fox Business interview that fiat would be the new go-to currency for criminals as crypto becomes the new global currency.

The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin. (Tim Draper)

Building upon statements in the past that discussed the inevitability of fiat becoming obsolete, Draper added that fiat would be the new way for criminals to move money around as it is too easy for them to be identified via blockchains, stating:

The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.

This concept is not so far-fetched, given that an agent of the United States Drug Enforcement Agency did state back in August of 2018 that she would like criminals to keep using crypto as blockchain was an easy way to identify them.

cryptomaniaks

Draper went on to also express his belief that Bitcoin is more secure than the dollar, explaining that the money in his bank is always under constant threat by hackers while no one has yet managed to hack the blockchain. He also compared cashing out Bitcoin to trading gold for shells, saying that Bitcoin is more secure than the dollar and more valuable as well.

Overall, Draper’s confidence and heavy investments in the crypto market reflects the growing belief in the market. He has stated in the past that he believes Bitcoin may reach a staggering $250,000 by 2022 and with its recent jump to almost $4,000 at the time of writing, who knows what the future holds.

With this type of potential profitability in crypto and crypto-technology, right now is the perfect time to learn more about the industry. If you are new to crypto but are looking for more information that you can properly digest, visit our step-by-step Ultimate Blockchain 101 Guide to learn more about the new leading technology in today’s world.

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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