Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. βI think that thereβs going to be a moment where thereβs a run on the banks,β he cautioned, adding: βI actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people wonβt want dollars anymore.β
Tim Draper on Government and Bitcoin
Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his $250,000 bitcoin price prediction. When the price of BTC was $400, he predicted that it would take four years for it to reach $250K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors.
βA few things I didnβt expect. I didnβt expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business with bitcoin as their base currency. And itβs happened in a number of other countries, and thatβs why bitcoin is doing so well β¦ So I miscalculated on how β¦ scared the government, the U.S. government was,β Draper detailed, emphasizing:
And now, they realize that bitcoinβs actually better for everyone.
βIt keeps perfect records,β he elaborated, noting that criminals who used bitcoin βwere all caught, so using dollars is probably better for a criminal.β
Draper further shared: βI think that thereβs going to be a moment where thereβs a run on the banks the way after the Civil War there was a run on Confederate money, and there was a run on the Greek drachma and a run on the French franc when they became a part of the euro.β In conclusion, the billionaire investor opined:
I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people wonβt want dollars anymore.
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