venture capitalist Tim DraperHe stated that he is confident that mass adoption will occur despite the recent bear market in Bitcoin (BTC).
Citing his views in a new interview, Draper stated that “mass adoption” will increase and it will be used much more frequently in daily life as the masses begin to understand that Bitcoin is also an option for daily purchases.
“The masses will be joining the market very soon, and when they do, they will come en masse. Food, clothing and lodging bitcoin Think about what you can get. If that were the case, you wouldn’t have much reason to hold on to fiat money because they really aren’t good. The fiat currency is tied to a political force and must pass through the banks. Bitcoin, on the other hand, is much less intermediary and functions globally.”
With early bets on Coinbase, Hotmail, Skype, Tesla and Twitter, the venture capitalist feels that Bitcoin is strong enough to withstand the current economic stresses he compares to the Wall Street Crash of 1929.
“We are going through an exciting time. I knew it would go through crises and, as it matured, it would be used around the world and started to become more accessible. I’m very excited about what’s going on with Bitcoin and I’m looking closely at the speculation… So; yes, it looks like we’re experiencing something equivalent to the 1929 crash today, but we have better technology in Bitcoin. ”
Draper concluded by reiterating his belief in BTC while predicting that consumers would lose confidence in the dollar and switch to Bitcoin instead. He added that while larger governments see BTC as a threat, it could seize the economic possibilities offered by less powerful nations.
“I am a very religious person in this matter. I continued to buy Bitcoin over the years and felt that at some point there would be some kind of escape for the dollar. Sure, there have been escapes from the Nigerian naira to the pesos, but there will be escapes for the dollar as people are fleeing the dollar and switching to Bitcoin.
I think these are very exciting times. I know there will be other challenges for Bitcoin along the way but it’s just a better currency and what’s better for the consumer in the long run usually wins out in the end.
While all this is happening, you will see central banks get a little nervous, governments get a little nervous. Big governments are getting nervous, small governments are looking at it as an opportunity.”
https://www.youtube.com/watch?v=FwpslC6B6Jg
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.