Tim Draper's commitment to Bitcoin and blockchain is contagious. He remained consistent with his opinion that Bitcoin is, in fact, tomorrow's currency, and today's generation should consider investing in it for a comfortable retirement.
His constant support for the cryptocurrency comes from the belief that the asset was built primarily to deal with a crisis like this, and the coronavirus epidemic could very well serve as a "turning point".
Tim Draper: The government's bailout is not foolproof
Speaking of the coronavirus pandemic and the resulting stock market crash, Tim Draper said the impact could be more severe than expected, as countries like the United States, China and India are burning trillions of dollars to save the economy from the sinking. .
According to the founder of Draper University and Draper Fisher Jurvetson, the government's plan to invest infinite sums in the system, which will involve a huge amount of printed money, may not work as expected.
The bailout will take years before it starts to make a difference and heal the global economy. Tim Draper is of the opinion that the government is basically trying to revive a failed economy by printing excess money.
What they don't understand is that this money will be increasingly irrelevant in the time to come, paving the way for a wider adoption of Bitcoin. Given that Bitcoin has a fixed offer, contrary to the fiat currency which is currently printed in millions per second, Draper assumes that people will eventually realize that it is probably more beneficial to resort to Bitcoin.
It is the turning point for technological innovations
When the emergence of the new coronavirus is over, geographical boundaries are expected to become more blurred and people will at least partially switch to a digital way of life. Once the virus is under control, Tim Draper has continued, the adoption of cryptocurrencies will be imminent.
For him, innovations like Bitcoin, blockchain and artificial intelligence will induce governments to confront each other to produce virtual but cheap products and services. It will be a good time also for the venture capital sector, with new ideas and innovations that will gain a place in the market, added Draper.
Meanwhile, another billionaire investor, Chamath Palihapitiya, who shares a similar sentiment, said in an interview that Bitcoin has the perfect opportunity to prove what it is worth.
With global markets collapsing and fiat money undergoing a severe beating in the coronavirus crisis, people are looking for options like Bitcoin for a security escape, he said.
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