American venture capital investor and blockchain industry influencer Tim Draper insists that bitcoin is “bigger than the internet,” and still believes it will reach $250,000 in the future.
As reported by , during the debate at Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society on Saturday, the billionaire investor compared bitcoin to his early investments in Tesla, Hotmail, and Skype.
He went further by stating that bitcoin would be “bigger than all of those combined,” and that the scale and importance of bitcoin and the technology behind it exceeds that of major technological developments in human history, saying:
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution… This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper, founder of leading venture capital firms Draper Associates and DFJ, reiterated his bullish call for bitcoin to hit $250,000 within four years and elaborated on use cases.
“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto,” he said. “I believe that there will be a point at which you will no longer really want any of the fiat currency.”
The opposition in the debate, Financial Times Managing Editor Gillian Tett, highlighted nefarious uses for bitcoin, its volatility and risks to investors. Draper responded that he is “more secure in my bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Overstock.com CEO Patrick Byrne debated alongside Draper in favor of bitcoin, and was equally bullish on its security.
“This has been hacked at more than anything in history and has never been defeated,” Byrne said. “Last I checked, banks get hacked too. And yeah, bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”
Draper bought nearly 30,000 bitcoins in a 2014 U.S. Marshals Service auction, and, supposedly, was still holding all those coins back in December 2017. If that is still the case, Draper’s holding is worth over $277 million at current prices.
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Cryptography experts specializing in secure communications at the National Institute of Standards and Technology are looking for ways to protect data created by tiny networked devices that are being used in Internet of Things applications and projects. These tiny IoT devices, which include sensors, actuators and other micromachines will need a new class of defense mechanisms against cyberattacks.
