bitcoin/” rel=”nofollow”>Tim Draperfounder of Draper Associates and billionaire venture capitalist, recently shared his thoughts on bitcoin and the potential of the flagship crypto token to revolutionize the global economy. Specifically, Draper highlighted how bitcoin-replace-fiat-money-213000/” rel=”nofollow”>btc could replace the dollar and other fiat currencies coming soon.
btc to replace the US dollar
Draper mentioned during a bitcoin-video” rel=”nofollow”>interview in Bloomberg that the time is approaching when people “will no longer want dollars.” He believes this would happen as a result of everyone having a preference for the flagship crypto token. When that happens, the billionaire says he will be able to get “food, clothing and shelter, all in bitcoin.”
Draper suggested that this revolution was going to occur from a massive bank run, similar to what happened with the Confederate dollar after the American Civil War ended in 1864. He also compared bitcoin could replace the dollar to what happened with the Greek drachma and the run on the French franc after France adopted the euro.
Meanwhile, the billionaire alluded to how btc already has an advantage over some fiat currencies. He gave an example of how Argentinians and Nigerians do not trust the peso and the naira, respectively, and prefer to do business in bitcoin.
Bitcoinist bitcoin-price-all-time-countries/” rel=”nofollow”>previously reported how bitcoin reached an all-time high in Argentina and Nigeria. The inflationary pressure that these countries are experiencing has caused their currencies to devalue, and locals see bitcoin as the go-to alternative. bitcoin/” rel=”nofollow”>protect against this inflation. As the United States also faces its bitcoin-could-fall-to-25000/” rel=”nofollow”>economic crisisDraper's prediction that bitcoin will replace the dollar may not be far from happening.
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btc bulls aim for $52,000 | Source: BTCUSD on Tradingview.com
Why bitcoin didn't rise to $250,000 in 2022
During the interview, Tim Draper also explained why his $250,000 bitcoin prediction didn't come true. The billionaire had in 2018 bitcoin-will-climb-to-250000/” rel=”nofollow”>foretold that the crypto token was going to rise to that price level by 2022. Draper seemed to have blamed the bitcoin-holdings/” rel=”nofollow”>United States Government to prevent this from happening, stating that he did not expect them to have been “paranoid” about bitcoin.
This paranoia is probably why the government has its crypto/” rel=”nofollow”>Bookings on the flagship crypto token instead of accepting it and taxing profits made from it, as Draper expected. However, this paranoia appears to be a thing of the past, as the billionaire claims that the United States has realized that “bitcoin is actually better for everyone.”
Interestingly, Draper is not backing down from his $250,000 prediction, now stating that bitcoin will reach this price level in 2025. His confidence could come from the fact that btc appears to be more accepted by US authorities, especially after the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>approval of bitcoin Spot ETFsWhat are they bitcoin-etfs-record-2-2-billion-inflow-in-past-week/” rel=”nofollow”>High demand recording..
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