Within a decade, Bitcoin replaces the US Dollar dominance and becomes the standard currency that underlies the international economy, according to billionaire venture capitalist Tim Draper.
“10 years, something similar. It can be a little smaller,” Draper said in a wide spotlight interview with Coindesk.
Draper repeated its prediction that Bitcoin will rise to $ 250,000 by the end of 2025 and that after a decade it will be “endless against the dollar because there will be no dollar.”
“Once I can buy my food, my clothes, my shelter, pay my taxes, everything in bitcoin, and it’s a better way to charge taxes. Certainly there will be no reason to hold onto [dollars] And Bitcoin will be the primary source of owning wealth, ”Draper said.
“The good news here is that the banks can now keep your Bitcoin and your Fiat currency … but you won’t be in line for the banks trying to get your dollars out to put them in Bitcoin when there is a transformation.”
Draper warned that there will be a race on Fiat Banks and a global shift to the Bitcoin standard as trust in governments subsides and decentralized technology replaces the traditional banking system. This was especially evident when Silicon Valley Bank (“SVB”) collapsed in March 2023.
“I got calls from 15 companies, portfolio companies, and they all said I can’t make payroll,” Draper said.
“So every treasury in every business that I finance, I recommend that they have Bitcoin with Fiat in banks, so when there are banking errors or if people stop taking Fiat, they will be able to make the payroll anyway.”
SVBS closes was followed by the collapse of Signature Bank and prior to the liquidation of Silvergate Bank. All three financial institutions had ties to the Digital Assets industry and were influenced by “contagious effects” in the wake of failed crypto exchange FTX, according to Federal Deposit Insurance Corporation. But crypto companies have found evidence that their death was accelerated by a hidden government interruption campaign, known as Operation Chokepoint 2.0, following a previous government effort to cut controversial but legal companies from banking.
Draper considers Bitcoin a better technology and software that replaces banks and government issuer currency. At an early age, he learned that there is a precedent in the United States for currency crisis when his father gave him a million dollars Confederate bill, which was essentially worthless.
“Confederates lost the war to the Union, which is why there was tremendous inflation in Confederate money, and people paid a million dollars for only $ 1 of union money,” Draper said. “In reality, we are reviewing a similar time now.”
Bitcoin vs. Stableecoins
Draper is a Bitcoin maximalist who thinks stableecoins is a bridge to Bitcoin who wants to board people to use digital currencies, but in the end they are as deficient as the governments that sanction them.
“Stableecoins are subject to inflation. They will be inflated if the government is printing too much money. They will be worth less and less and less over time while Bitcoin is not subject to it,” Draper said.
Although US President Donald Trump’s global customs policies go against Drape’s belief in free trade, they speed up his prediction that the US dollar will be weakened. The dollar index has dropped almost 8% years to date to 99.96, its lowest level since April 2022. The Trump administration is largely speculated to analyze ways to devalue the dollar further to make us export more globally competitive. Nevertheless, Draper is hopeful that the US government will negotiate taxes, so trading partners buy more US goods and resume an open market.
Within the United States, drapes are more confident in domestic innovation now that Securities and Exchange Commission and other federal regulators are “more open to creativity” and have stepped away from the practice of regulation by enforcement.
“Let’s start communicating with animals”
Other technologies he is invested in include genetics. His early investment in colossal biason came headlines as the genetics lab created a new species of gloomy wolf and genreditated “woolen mice” for existence using a mixture of mutations modeled on woolen mammoths. These efforts to “de-expelled” species aim to restore the bioological diversity of the soil, but drapes believe that they will eventually help people communicate with animals.
“Dogs can smell 10,000 times as good as we can,” Draper said. “My theory is that it is usually when they are really happy and they like you, they sneeze at you. What they are doing is to tell you a story they sneeze at you and then, ‘[Here] are all the things I’ve done. These are all the things I have smelled. ” Draper believes that progress in genetics and artificial intelligence will eventually decode the language of the birds, which ‘must have 500 different words for wind’ and a better understanding of the weather. People could also learn from talking to ants about their population management.
“Let’s start communicating with animals. I think it will be great and we get there,” said Draper. “It’s slow. It’s 50 years out.”
As for artificial intelligence, the most cynical programmers warn that AIs will eventually reject people who simply carbon bodies with limited use as energy sources, but drapes remain the eternal optimist.
“I think people will adapt,” he said.
When artificial intelligence replaces human labor, drapes have trusts that people are resiliently finding new jobs with their newly won productivity, having greater influence and “gain in quality of life.” Draper believes that people will eventually merge with AI by programming embryos and connecting human brains to wifi and other technologies.
“I think it will be incredibly amazing for someone today who still lives 50 years from now, because they want to look back and say,” God, the poor people, they were all firm on earth, just the earth, “said draper.” They actually had to ask their phone for knowledge instead of getting their minds foresee the need for knowledge. “
