Tim Draper who has invested in the technology of the future since the early days of the Web said that in five years, no man will be trading with fiat currency. The legendary investor and prognosticator of where the technology takes us talked to CNBC’s Fast Money about the future of Bitcoin technology and blockchains.
The greatest technological change
Draper said the change in technology today is larger than the Iron or Bronze Age. When asked how he compared the opportunities available to him when investing in Web 1.0 and 2.0, he explained how the Web was transforming information. But today, blockchain technology has the potential to change almost every industry, including government operations.
It sees individual governments disintegrating in the future to become a group of international entities that will compete in providing services to citizens.
When asked to assess where the development of the blockchain is now compared to the way the Internet was developed, he put the timeline in the early 1980s for investor potential, saying that “it is all just getting started.”
This is the most excited I’ve ever been as an investor, and I was there from the beginning of the Internet,”he added.
Talking about the future of currency Draper said that in five years’ time, currency fiat will be a thing of the past. There will be no more currencies tied to specific countries.
“In five years you’re going to walk in and try to pay fiat [a government-backed currency like the U.S. dollar] for a Starbucks coffee, and the barista is going to laugh at you, because they’re going to say, ‘What is this? Are you counting out pennies? Give me shells?’
Whether Draper is aware of it or not, Starbucks has suggested that it could use blockchain technology for an application that will process consumer payments in cryptocurrency.
The end of the Fiat currency
When asked what he would do with a fresh dollar for investment, whether it would be for an ICO or an existing currency, Draper spoke directly about the predominance of bitcoin in the future. That he saw other cryptocurrencies dropping, leaving the bitcoin as standard.
He ended by talking about the Bootcamp he is launching in April at his Draper University to encourage learning and investment in bitcoin and cryptocurrencies.
“Because all of this engineering effort, all that excitement, this focus is really on bitcoin and all of the cryptos around it,”
Draper, who is known for predicting when Bitcoin would hit the $10,000 mark almost to a day, was an early investor in Skype and Tesla. He has purchased and still owns 30,000 Bitcoins from the 2014 US Marshals Service auction sale of assets seized on the Silk Road.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com