Wearing a blue suit and a tie adorned with the Bitcoin symbol, Tim Draper once again defended his investments in the largest cryptocurrency on the market. According to the legendary investor, there will come a point when people will flee from the dollar, just as they have fled from the Argentine peso and the Nigerian naira in the past.
For those unfamiliar with this legend, Draper bought around 30,000 bitcoins seized and auctioned off by the US government in 2014, when the coin was only worth a few hundred dollars, after the conclusion of the Silk Road case.
Although Bitcoin has appreciated a lot since then, the investor stated that he has continued to buy in recent years, increasing his exposure to the cryptocurrency.
People will abandon the dollar as they abandoned the Argentine peso
Although he compared the current Bitcoin crash to the New York Stock Market crash of 1929, investor Tim Draper remains optimistic about the future of BTC. As a highlight, he points out that the day will come when people will abandon the dollar, today considered the best fiat currency in the world.
“Today we are in what is the equivalent of the crash of 1929, but we have better technology in bitcoin, so I am a big believer. I have continued to buy bitcoin over the years and I feel like at some point there will be some sort of bull run on the dollar.”
“Certainly there have been runs on the [Argentine] peso and the Nigerian naira, but there will be runs on the dollar where people will run away from the dollar and into Bitcoin,” notes investor Tim Draper.
When asked about the emotional effects related to these big corrections, Draper says that people should see Bitcoin as a kind of bet on the future.
“There will come a day when people don’t want their fiat currencies anymore and at that point you will think: I’m glad I have some bitcoins.”
His argument is backed up by history, after all, over 500 fiat currencies have since gone extinct, many due to hyperinflation. However, Bitcoin did not exist in the future, and obviously, people had to settle for a new government currency, programmed to do the same thing as its predecessor.
it’s already happening
After their conversation, Draper says that when he bought his house, the sellers asked for the payment to be made in Bitcoin. Moving on, note that this was not the only time.
“When I was donating money [to Stanford University], they knew who I was and they wanted to receive it in Bitcoin, they didn’t want dollars. […] I said: no, I am not going to donate my bitcoins.”
The first part of his conversation with the London Real channel can be seen in full below. However, there is still no date for the second.
