Billionaire and long-time Bitcoin bull Tim Draper gathered for an interview with The Street magazine to share his thoughts on the future of Bitcoin and crypto currencies in general.
Tim Draper: Security, Clarity and Bitcoin profit
The conversation began with the question of clarity when Draper was asked about his response to what former chairman of the Commodities and Futures Trading Commission, Gary Gensler, said about the need to regulate crypto currencies.
Draper replied that all world governments are now competing to attract crypto- and blockchain-based technology companies and to do so they need to create “very clear and easily understandable rules for crypto”.
The investor said that banks are less secure than the Ethereum code
Asked what his approach would be if President Donald Trump asked him to the White House to design an Ethereum code , Draper replied that the first thing he would do would be to make Bitcoin a national currency, as Japan has done. Then he suggested setting up a new department – outside the SEC and CFTC – to monitor crypto currencies.
“I just talked to the people at the Federal Reserve.” I thought I had to tell them to find a new job. In the next 10 years, not immediately, we will need less centralized currencies.”
When the interview switched to security, the investor said that banks are less secure than the blockchain network. He also emphasized that the number of wallets, investors and miners is increasing and therefore Bitcoin as the most popular crypto currency is the most secure.
“In price terms, we will continue to see Bitcoin move higher.” I’ve revised my estimate to $250,000 in four years, so we’ll see Bitcoin around the $250,000 mark in 2022.”