The venture capitalist Tim Draper made the claim over the weekend that Bitcoin will soon become a larger force than Tesla, Skype, and Hotmail combined.
Early investor in Tesla, Skype and Hotmail says bitcoin will be bigger than all those combined from CNBC.
Draper attended the Intelligence Squared U.S. Debate at the Manhattan Institute’s Adam Smith Society this past Saturday and was quoted:
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper also stated, “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. I believe that there will be a point at which you will no longer really want any of the fiat currency.”
Draper is the founder of the venture capital firms Draper Associates and DFJ and is said to have bought 30,000 Bitcoins (worth $268 million) in the 2014 U.S. Marshals Service Auction of the seized Bitcoin from The Silk Road darknet website. Draper has estimated for Bitcoin to hit a value of $250,000 per coin within four years.
Draper believes that while there are more than 1,500 cryptocurrencies in existence, Bitcoin has an enormous lead and will likely win the “long term crypto battle” because of it’s dominant market share.