Banks are trying to gang up and get rid of Bitcoin, but tech wins all the wars, says Tim Draper

Banks are trying to gang up and get rid of Bitcoin, but tech wins all the wars, says Tim Draper

When it comes to crypto advocates, they are almost always certain about the bull market being right around the corner. Although most of their predictions were ridiculed until the mysterious currency touched almost $20,000 in 2017, the world today pays close attention to the Bitcoin Billionaires. Riding the same boat, traditional investors such as Tim Draper are placing bets on another outbreak. In a recent interview, he said,

“Bitcoin’s going to be 250,000 by 2022 or 2023. We’re going to go through a bunch of fluctuations, but we’re getting there.”

Draper also cautioned his viewers about the resultant fluctuations in the altcoin ecosystem, which will render them useless in the future. Expecting a massive disruption from the crypto ecosystem, the seasoned venture capitalist sees the eventual fall of banks and credit card institutions as they will eventually be unable to “charge up to 4% fees every time we buy something”. He also spoke about the popular speculation that the banks were trying to gang up and get rid of Bitcoin. He said,

“The blockchain is distributed, keeps perfect records, and is completely transparent. That’s gonna change the nature of what accounting is. And of course, the accountants (banks) will be threatened by that and they’ll try to change it. But technology wins all the wars.”

In addition, Draper also displayed certainty in Bitcoin stealing at least 5% of the world’s currency market share, hinting at Bitcoin’s price hitting $250,000. An avid supporter of the crypto ecosystem, he also dismissed Nouriel Roubini’s recent comment “Bitcoin is far less secured than feared.” He also rejected Roubini’s claim that banks refund stolen money from lost credit cards, arguing that banks do not take on that responsibility while highlighting that Bitcoin has never been hacked but banks get hacked “all the time”. His statements echoed his confidence in Bitcoin security.

Draper ended this topic by reassuring the viewers about blockchain’s unhackable nature and ensuring that the best minds across the world were trying to make the technology better. He concluded,

“They (Bitcoin and blockchain innovation) are moving away from banks and the way we operate with them. And so, the best security will be with Bitcoin.”

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