Bitcoin

Crypto Will Rule & Only Criminals Will Use Fiat, Predicts Tim Draper

When the big bang of cryptoverse occurred, it split the world into two opinions. People were either sure that its just one of those fads that will die down with time or they believed it was real and very much here to stay. But nothing is black and white, especially with something as complex as the crypto ecosystem. The world isn’t divided into just crypto believers and crypto skeptics; in fact even within the crypto community opinions vary.

Some in the crypto community believe that the new decentralized currency is still in its infancy and will take its time in cementing a place in the world. While others ardently believe that it will indeed persist and become mainstream sooner than everyone believes. The billionaire investor, Tim Draper, is amongst the later.

On his interview with American financial news TV channel Fox Business released on Feb. 18; Tim Draper, who is a known Bitcoin (BTC) bull, claimed that five years down the road, fiat currency will only be used by criminals whereas, cryptocurrency will prevail and become universally widespread.

This isn’t the first time for Draper to take a jab at the traditional currency. In fact in his previous statements, he shared a similar prediction that fiat currency will become laughable and obsolete in five years.

Further elaborating and explaining his recent claim, Draper revealed that the reason he thinks only criminals would use fiat is because when dealing with cryptos they can be tracked via blockchain. Which leaves fiat as the safest and untraceable option for the criminals.

The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin

Tim Draper might just be right. Back in August last year, an agent of the United States Drug Enforcement Administration (DEA), shared that she actually prefers for people to keep on using cryptocurrencies, because the blockchain provides tool to identify criminals.

Coming back to Draper, he further shared in his interview that he believes his money in the traditional bank to be less secure than his money in Bitcoin. According to him his bank is always under attack, but nobody has managed to hack Bitcoin’s blockchain yet.

Draper truly believes that Bitcoin and cryptocurrency are the future and he is embracing it as we speak. Because when asked how much crypto he holds, Draper provided a short response: “a lot.”

Meanwhile, Bitcoin has seen significant growth recently, having jumped around 7.6 percent over the day and trading at $3,907 at press time, according to CoinMarketCap. For further updates stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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