Tim Draper: Bitcoin is more important than the industrial revolution

Tim Draper: Bitcoin is more important than the industrial revolution


As reported by CNBC, American venture capitalist Tim Draper during the debate Intelligence Squared US said that bitcoin is “more than the Internet” and a number of other important technologies of mankind.

During the debate – in which he, along with CEO Overstock and the famous bitcoin optimist Patrick Byrne argued with two crypto-skeptics – the billionaire investor compared bitcoin to his previous investments in Tesla, Hotmail and Skype. Moreover, he said that bitcoin would become “more than all of them together”, and that the scale and importance of bitcoin and the technology that lies at its base exceed the scale and importance of the biggest technological jerks in the history of mankind.

“This is more than the Iron Age and the Renaissance. This is more than an industrial revolution,” he said.

Draper also once again announced his forecast that in five years no one will use traditional, state-provided money:

“If you try to pay for coffee in five years with a currency, you will be laughed at because you do not use cryptocurrency. I believe that someday there will come a time when you no longer want any fiat currency.”

According to CNBC, in December 2017, the venture investor still owned about 30,000 bitcoins, which he bought at an auction of the US Marshals Service in 2014. If these bitcoins are still Draper’s, now they are estimated at about $270 million.

During the debate of Intelligence Squared US Draper also expressed his opinion about the dominance of bitcoin in the crypto sector, saying that the world’s largest cryptocurrency is likely to win a “long-term crypto battle” against the altcoins. Currently, bitcoin accounts for about 38% of the total capitalization of the crypto-market, although in early April this value reached 44%.

Speaking at the beginning of April at his own Draper University, the venture tycoon predicted that within the next 4 years the price of bitcoin would rise to $250,000.

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