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Serial investor, bitcoin holder and Tezos advisor Tim Draper says fiat currency will be “laughable” within just five years.
In comments to at the WebSummit 2017 conference in Lisbon, Draper, who purchased bitcoins in the Silk Road auctions now worth over $200 million, said people who use fiat in 2022 will find people ridiculing them.
“In five years, if you try to use fiat currency they will laugh at you,” he stated.
Draper’s forecast is a bold depiction of bitcoin and cryptocurrency’s ability to achieve mass adoption along the lines of John McAfee’s by 2020.
The mogul remains steadfast in his beliefs as Wall Street begins to see to interacting with “new asset class” bitcoin in the form of futures trading.
The future is crypto. Let's help everyone understand it's importance to the entire world.
— Tim Draper (@TimDraper)
In the medium term, cryptocurrency will usurp fiat activity and become the natural choice, Draper says.
“bitcoin and other cryptocurrencies will be so relevant… there will be no reason to have the fiat currencies,” he continued.
The future landscape may not be bitcoin-dominated. Rather, multiple – or even thousands – of cryptocurrencies would interoperate, wallets picking the best-value option for payment at point of sale.
“My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has most value,” he added.
“Good marketing people” would be the situation easy for lay consumers to understand.
Draper has equally vigorously defended current upset at as the project is hit with a user-activated lawsuit over its ICO funds worth over $500 million.
Having remained silent as news of infighting between developers and the Swiss custodian of the funds broke last month, he sought to defend Tezos’ ICO practices after news media outlet Cointelegraph alleging foul play.
Do you agree with Tim Draper’s 2022 fiat currency predictions? Let us know about in the comments below!
Images courtesy of Shutterstock, Twitter
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