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Billionaire Investor Tim Draper Predicts ‘Tokenization’ of Economy and claims Cryptocurrency Will Be Bigger Than the Internet

Image Credit: Bloomberg

The cryptocurrency market is reeling under extreme liquidity concerns due to the consistently low market capitalization. Many small cap projects and exchanges have started calling quits under the pressure of running the operations. The regulatory tension is easing to some, but there is still a long way to go before the adoption is realized.

Nevertheless, US Venture Capitalist, Tim Draper was an early Bitcoin investor who reaped his brand image and his commitment to cryptocurrency and Bitcoin when Tezos coin, backed by him, raised $232 million in the ICO. In a recent interview at the with the Fox Business spoke about the Future of Fintech Industry and cryptocurrency’s ubiquitous nature. His views have been more positive than ever and consistent with his earlier vision of cryptocurrency adoption.

“I think we are probably two years away before everyone is buying coffee [With crypto]” […] “I made a prediction that in 5 years, we will try to go in and buy coffee for fiat money and the barista will laugh at you.”

Cryptocurrency for long was envisioned as a medium of exchange for unethical activities only. Bitcoin due to its anonymity and decentralization was feared to create an un-accounted parallel economy that could foster terrorism and drug abuse. However, Draper noted that cash is still the easiest form of exchange for illicit, illegal activities as Bitcoin addresses can be tagged.

“The criminals will still want to operate with cash as they catch everyone who tries using bitcoin for a crime. Not on the way in when the criminal receives the bitcoin but as soon as they want to spend it, those blocks are tagged, and they’re going to all be prosecuted.”

Draper Further Took Shots At Banks & Traditional Finance 

Draper mentioned -

“I feel that my money in the bank is less secure than my bitcoin is. My bank is constantly under hack attack; they’re playing whack-a-mole trying to keep the hackers away. No one to date, knock on wood, has hacked the Bitcoin Blockchain and so I believe my bitcoin is more secure than my dollars."

On Fintech Industry and the blockchain and cryptocurrency markets, Draper, was confident of the technology and its necessity. 

“This is going to be the biggest change in the history of the world, and it’s so exciting,” […] “I thought the internet was super exciting, but this is going, and the government itself is going to change.”