Tim Draper doubles down on ‘open and transparent’ Bitcoin

Draper Associates founding partner Tim Draper is one of Bitcoin’s biggest fanboys, often on hand with an attention grabbing quote or two about the cryptocurrency. And he was at it again this week as Bitcoin’s price broke above $6,000, hitting its highest level since November last year.

“I am a believer that in four years, something like that, Bitcoin will be a 5% market share of the earth,” he told Fox Business.

“It is a better currency. It’s decentralised, open, it’s transparent. Everybody knows what happens on the blockchain,” he added.

Starbucks

By 2022, people will routinely use Bitcoin in everyday transactions such as buying coffee at Starbucks, Draper claimed earlier this year.

In a podcast interview on NBC Bay Area’s “Sand Hill Road,” he said: “Bitcoin is one of the greatest technological advances that humanity has ever seen and it can make a bigger change in society than any of us ever imagined.”

He added: “I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using Bitcoin or other cryptocurrency…It will be like the old lady paying out with pennies.”

But if, as predicted by Draper, a single Bitcoin will be worth $250,000, how can it ever hope to cross over to the mainstream?

“Is that a problem?” he responded. “That’s a temporary problem. There is a market for Bitcoin right now. People are buying and selling it and they are buying and selling things and services with it. As it spreads, it will go up in value. And it is spreading.”