Billionaire investor and well-known Bitcoin Bull, Tim Draper, has told Fox Business that in five years time, only criminals will be using fiat money because crypto will have become universally widespread.
Echoing his previous statements that fiat money will become “laughable and obsolete” he’s said that only criminals will keep using cash, since criminals who use crypto can be tracked via blockchain.
“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin”, he said.
It seems the authorities agree with him. Last year, an agent of the US Drug Enforcement Administration (DEA) and member of the Cyber Investigative Task Force, Lilita Infante, said that she prefers people to keep using cryptocurrencies as the blockchain is a great tool that can be used to identify criminals.
Money In The Bank Is Less Secure Than Money In Bitcoin
Draper said that the increase in the adoption of cryptocurrencies will be driven by the public who will come to see that they want and need a global, decentralized and secure currency.
He believes that his money in the bank is less secure than his money in Bitcoin. “My bank is constantly under a hack attack,” he said, furthermore, nobody has managed to hack the Bitcoin blockchain. “Over time, when they start taking bitcoin, I’m going to be pretty much moving everything out of the banks. There is no reason to hold on to shells, when you’ve got gold,” he added.
In November last year, Draper repeated his April 2018 prediction that Bitcoin will trade as high as $250 000 by 2022.
When asked how much crypto he holds, Draper replied: “A lot”.