BTC to save the day post-crisis, not govts, says Draper

18 Mar 2020

BTC Following a significant recovery of Bitcoin after a series of market crashes last week, billionaire investor Tim Draper has made another positive forecast for the world’s largest cryptocurrency.

During an interview this week with 415 Stories podcast, Draper discussed decentralisation fuelled by Bitcoin and other new technologies being a key tool with the “ability to transform the biggest industries in the world.”

According to the prominent investor, Bitcoin will be one of the most essential tools during the recovery from the global financial crisis, pitting the digital currency against centralised institutions such as governments and banks.

Draper said on Twitter: “Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day.”

As part of the interview, Draper showed confidence in technologies such as Bitcoin and AI (artificial intelligence) and their potential to totally change all industries from healthcare to banking, tapping trillions of dollars of their value, reports Coin Telegraph.

Citing an example, Draper referred to a situation within the insurance industry, stating that the mix of Bitcoin, AI and smart contracts fuelled by blockchain is the ideal start for an insurance firm.

He commented: "For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the blockchain." 

Tim Draper is one of the main supporters of the cryptocurrency industry. Along with other leading Bitcoin bulls such as former antivirus software magnate John McAfee and Morgan Creek’s founder Anthony Pompliano, Draper is renowned for making bold predictions about Bitcoin.

After he forecast that Bitcoin’s price would reach $250,000 by the end of 2022, Draper went a step further saying his prediction could be playing down the power of the cryptocurrency. 

Last month, Draper announced he had quit stocks to make way for crypto in August last year. When asked at the time about how far his faith in Bitcoin extended, he said: “It’s a lot, it’s a lot, a lot.”