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Tim Draper: Centralized systems Wont Save the World After Crisis, Bitcoin Will

Despite the crushing drop in prices in both the crypto and stock markets, billionaire investor Tim Draper is giving yet another optimistic Bitcoin forecast. The Billionaire, who has made a name for himself for being a strong crypto advocate, did an interview with the 415 stories podcast.

Bitcoin will save the day

The billionaire crypto bull outlined decentralization powered by Bitcoin and other technologies as having the ability to transform the biggest industries in the world. According to him, it will be Bitcoin and not governments that will see us through the current global financial crisis. Amid the financial downturn that has been caused by the spread of the Coronavirus pandemic, Draper believes that people shouldn’t look to centralized structures like governments and banks. Referring to the interview, Draper tweeted

“Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day.”

Draper talked up not just Bitcoin but also other new technologies like Artificial Intelligence (A.I), as having the potential to transform all the industries from banking, to healthcare and real estate. He cited a use case in the insurance industry, arguing that the combination of A.I Blockchain-powered summary contracts and Bitcoin as a perfect start for an insurance company.

Draper said;

“For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the Blockchain.”

Draper’s $250,000 BTC prediction

Draper has been known for making some huge crypto predictions. The co-founder of Draper Fisher Jurvetson Venture Company famously predicted that the price of Bitcoin would hit $250,000 by 2022. He escalated this later by stating that his $250,000 BTC prediction may have been an understatement. Just last month, he reiterated his faith in crypto-currencies and even revealed that he had stopped dealing in stocks for the crypto market.  

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