Venture capitalist Tim Draper claims only criminals will use fiat currency five years from now.
In an interview with Fox Business, the billionaire Bitcoin advocate also predicted stores will soon do most trade in cryptocurrency.
He said: “I actually think that in five years we’ll try to buy coffee with fiat money and the barista will laugh at us and say ‘What, don’t you have any crypto?'”
When pressed about widespread crypto adoption, he added: “Except for criminals. They will want to use cash as they catch everyone who tries to use Bitcoin.”
Draper, who founded the firm that would later become Draper Fisher Jurvetson, also spoke about his distrust of banks and faith in crypto.
“I feel money in the bank is less secure than my Bitcoin. They’re playing whack-a-mole trying to keep hackers away.”
Bitcoin to soar?
He also believes Bitcoin will hit $250,000 by 2022, despite the value of the cryptocurrency plunging from its $20,000 high.
Mainstream adoption of crypto may have taken a huge step forward after major US investment bank JP Morgan issued its own cryptocurrency to “transform the payments business”.
The firm will begin trials over the coming months, with a fraction of their $6 trillion in daily transactions being sent through ‘JPM Coin’, which will be used to instantly settle payments between clients.
The move seems to be a massive U-turn considering CEO Jamie Dimon’s comments in 2017, when he labelled Bitcoin as a “fraud”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.