Billionaire venture capitalist Tim Draper claims that Bitcoin could be bigger than the internet.
CNBC reported that Draper recently spoke at the Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society. Regarding the potential of cryptocurrency, he said:
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution….This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper is known for his investments in Tesla, Hotmail, and Skype. However, when comparing those investments he said Bitcoin will be “bigger than all of those combined.”
Draper further claimed that Bitcoin’s value will hit $250,000 by 2022, and stated that “in five years you are going to try to go buy a coffee with fiat currency and they are going to laugh at you because you’re not using crypto….I believe that there will be a point at which you will no longer really want any of the fiat currency.”
Draper isn’t the first major investor to make bold Bitcoin predictions. John McAfee, founder of McAfee antivirus software and cryptocurrency advocate predicted in 2017 that Bitcoin would reach $1 million by the end of 2020.
As I predicted, Bitcoin is rebounding and rapidly climbing after Christmas. It is still, by far, the best long term crypto investment, and I firmly stand by my prediction of $1 million by the end of 2020. pic.twitter.com/FaaSIuUS7i
— John McAfee (@officialmcafee) December 26, 2017
Former Goldman Sachs partner and former Fortress Investment Group hedge fund manager Michael Novogratz predicted late last year that Bitcoin would reach $50,000 by the end of 2018. Twitter and Square CEO Jack Dorsey predicted that Bitcoin will become the world’s single currency over the next 10 years.
Financial Times Managing Editor Gillian Tett argued against claims of Bitcoin’s future domination during the debate, pointing out market volatility and criminal uses as issues preventing it from massive implementation in the future, although some have claimed that volatility will subside upon larger Bitcoin adoption.
Draper insisted he feels “more secure in my Bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Draper told CNBC in December that he bought 30,000 Bitcoins in a 2014 auction and he is still holding those coins today. Those Bitcoins are worth close to $270 million based on current market prices.
Arguing alongside Draper during the debate was Overstock CEO Patrick Byrne. He shared comparable confidence in Bitcoin and cryptocurrency security in general, saying:
“This has been hacked at more than anything in history and has never been defeated…Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”
Bitcoin is currently holding 38% of the cryptocurrency market. Bitcoin’s value reached $20,000 in late 2017 and is currently just under $9,000 although this up from $4,400 in August 2017.