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Tim Draper Says Bitcoin Will Be 'Bigger Than the Industrial Revolution'

By NexChange
Venture Capital, Capital Markets, FinTech

If Bitcoin is still in need of a hype man, it may have just found him.

A-List venture capitalist Tim Draper not only remains bullish on Bitcoin despite its recent struggles, he actually believes the cryptocurrency will be “bigger than the Industrial Revolution,” as CNBC reports.

If this seems rather hyperbolic, Draper has a lot more for you to chew on, per CNBC.

“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution,” Draper said at Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society on Saturday. “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Draper, founder of leading venture capital firms Draper Associates and DFJ, reiterated his bullish call for bitcoin to hit $250,000 within four years and elaborated on use cases.

“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto,” the early internet investor said. “I believe that there will be a point at which you will no longer really want any of the fiat currency.”

Draper bought roughly 30,000 Bitcoins in an auction held by the United States Marshals Service after the coins were seized in the Silk Road bust. Those coins would be worth about $268 million based on Monday’s prices, according to CNBC.

Let’s just hope Draper’s faith in Bitcoin turns out better than his bet on Theranos.

Photo: JD Lasica

 

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