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Famous billionaire and founder of Draper Associates, Tim Draper, shared his thoughts on Bitcoin (BTC) as a currency and its potential global impact in commerce during his latest interview with Bloomberg. Draper’s views reflect how Bitcoin could potentially leave the US dollar behind and become the leading currency.
Is Bitcoin More Secure Than Cash?
Draper’s confidence in Bitcoin is thought to stem from the inherent characteristics of the cryptocurrency.
One of the main arguments Draper puts forward for cryptocurrencies is the traceability of Bitcoin. The ability to track every transaction on the system makes monitoring the flow of funds significantly easier compared to cash transactions.
This transparent structure in cryptocurrencies facilitates the tracking and timely intervention of transactions based on illegal financing.
During the interview, he mentioned the following,
Bitcoin keeps perfect records. It turns out that everyone who committed a crime using Bitcoin got caught. So using dollars was probably better for criminals.
Are There Obstacles Ahead for Bitcoin?
In contrast to the US dollar, which is greatly affected by inflation and political events, Bitcoin operates in a decentralized manner, placing it in a different position.
It is a known fact that Satoshi included halving in the system to allow Bitcoin to balance its own inflation. According to Draper, this and similar situations could enable BTC to overtake the US dollar and pave the way for it to be accepted as a central currency.
Draper commented:
People will realize they want a currency that can operate without being subject to the fluctuations of political powers that change the value of a coin.
Draper also pointed out the regulatory environment in the US as an obstacle to the growth and adoption of Bitcoin and other cryptocurrencies.
According to the executive, the aggressiveness and sanctions of regulatory bodies like the US Securities and Exchange Commission (SEC) are driving entrepreneurs and institutions in search of more crypto-friendly regions away from the US. However, there is talk that the spot BTC ETF approved last month could change this scenario.
Bitcoin and the Outlook for the Future
Looking at Draper’s vision, he indicates a future where people will likely use Bitcoin for all types of material transactions. Draper envisions an ecosystem free from traditional financial processes that lack accounting and auditing.
Draper concluded his words:
I think there will be a time in the future when I can buy my food, clothes, and shelter with Bitcoin.
