After making a prediction that bitcoin would be $10K by 2018, the American venture capitalist, Tim Draper, is still bullish about cryptocurrencies. In fact, Draper believes digital assets like bitcoin will be so prominent that using fiat currencies in five years will be considered laughable.
Tim Draper: "In Five Years Bitcoin Will Be So Relevant — There Will Be No Reason to Use Fiat Currencies"
Back in 2016, news.Bitcoin.com reported on Tim Draper's 2014 prediction that bitcoin would reach $10K per BTC in 2018, and at the time it didn't look possible. Now as 2018 approaches with less than two months left, bitcoin's price is very close to that region touching $7,500 per bitcoin during the first week of November. Draper is well known for being very optimistic about the future of cryptocurrencies by investing in many digital currency startups, and purchasing $20M worth of bitcoin in the 2014 Silk Road government auction. Now Draper tells the tech journalist, John Koetsier, at this year's Web Summit — Cryptocurrencies will be the future of money.
"In five years, if you try to use fiat currency they will laugh at you," Draper explains at the 2017 Web Summit.
Bitcoin and other cryptocurrencies will be so relevant — there will be no reason to have the fiat currencies.