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Tim Draper

Tim Draper: Bitcoin is simply a better money

Tim Draper is an entrepreneur, venture capital investor, and spokesperson for all things related to bitcoin, blockchain, and decentralized finance. He is the founder of Draper Associates, Draper Fischer Jervidson, and the Draper Venture Network, and is recognized as one of the most prominent technology investors of the past 30 years. Some of the companies in which Tim Draper has invested include Hotmail, Skype, Tesla, Coinbase, Robin Hood, SpaceX, and Tezos, among others.

The venture capitalist had many strong appreciations in a recent interview with London Real, and all in favor of the virtues of Bitcoin, which he considers simply “better money“.

“The masses are going to arrive very soon, and once they do, it will be all at once.

Think about when you can buy your food, your clothes, and your shelter, all in Bitcoin. There would be no reason to hold on to fiat currency because it’s just not as good, it’s tied to some political force, it has to go through the banks.

Bitcoin has much less friction and it’s global.”

There will come a moment when people don’t want their fiat currencies, and that’s when you’ve got to be thinking, “Good, I’ve got some bitcoin,” and that’s how I’d look at it. I wouldn’t think of it as something you’d purchase your food, clothes, and shelter with today, but it won’t be long before you do.

He also spoke of the virtues of decentralization and freedom, expressing that there are already other countries that will be more advanced than the USA in the crypto path, while he said he felt jealous of El Salvador to see all that they were advancing in this regard. 

We really need to decentralize in the US.

Tim Draper

When asked about what he thought about when he sees these big drops and corrections in cryptocurrencies, he said: 

“The first thing you think is how much can I buy, haha.

The opportunity is vast because I still see bitcoin as a better currency, and eventually, a better coin will win because it’s a better product.

The fiat currencies are tied to governments and banks and there’s a lot of friction there and then there are some [misguided] policies, they’ll print too much fiat here or too little there or whatever. 

Bitcoin there’s only 21 million of them so it’s going to be a great hedge against inflation and they have a great transparency system, it’s global, it’s open, there are so many great things and I think once women start bitcoin [it’s going to be a big thing], and they’re starting to do it, it used to be one in 14 bitcoin wallets was owned by a woman and now it’s one in six. And I think it’s going to be very soon because women control 80 percent of retail spending and when a retailer realizes that they can get a two to four percent discount by accepting bitcoin they’re going to encourage all their customers to use bitcoin and that I think will be the key tipping point.

The masses are going to come very soon and once they do it will be all at once. When you can buy your food your clothes and your shelter all in bitcoin there would be no reason to hold on to fiat currency because it’s not as good, it’s tied to some political force, and it has to go through the banks with a lot more friction.

I’m very excited about what’s happening with bitcoin I look at these machinations and yes it looks like we are having the equivalent of a 1929 collapse today, but we have better technology in bitcoin so I am a big believer. “

It’s sometimes harder to see a long-term perspective but I think what they should look at the way they should look at their bitcoin is that sort of a bet on the future

Tim Draper

“I’ve continued to buy bitcoin over the years and I’ve felt that at some point there will be some sort of run on the dollar or certainly there have been runs on the peso, in the Nigerian naira, but there will be runs on the dollar where people are fleeing from the dollar and moving into bitcoin.

I know there will be other challenges for bitcoin along the way but it’s just a better currency and things that are better in the long run for the consumer usually win in the end.

In the interim you’re going to see central banks get a little bit nervous, governments get a little bit nervous, but small governments see this as a very interesting opportunity, I mean it’s geopolitical, this is a big deal and meanwhile most people a lot of people live in their fiat currencies and so when they have an asset like bitcoin that’s down 10 or 20 or $30,000, it’s sometimes harder to see a long-term perspective but I think what they should look at the way they should look at their bitcoin is that sort of a bet on the future.”

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