Tim Draper who is a billionaire investor and well-known Bitcoin (BTC) bull argued that soon, and in an early as five years into the future, only criminals will use fiat currency as crypto will become universally widespread. As per the report, Draper made these claims during an interview with American financial news television channel Fox Business on February 18.
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Draper: Criminals Will Turn to Cash Because Crypto Can be Tracked via the Blockchain
Reiterating his statements about predictions that fiat currency will become obsolete and laughable in five years, Draper has given more elaboration on his forecast on crypto stating that no one but criminals will continue to use cash because criminals who opt to use digital currency can be tracked through the Blockchain. In his words:
“The criminals may still want to operate with fiat currency because they can easily catch every crook trying to use Bitcoin (BTC) or any other digital asset.”
Blockchain Offers Tools to Help Track Criminal Elements
In a previous report from August of 2018, one agent of the DEA (Drug Enforcement Administration) in the United States cited that she her a preference for people to continue using virtual currencies because the blockchain provides the necessary tool to identify criminals.
During the same interview with Fox Business Draper also cited that he believes that his cash in the bank is less secure than his funds invested in crypto (Bitcoin to be precise). According to the Bitcoin bull:
“My bank is continuously under a cyber/hack attack. But now has been able to hack the Blockchain to this day.”
Draper also Claimed that his Bitcoin (BTC) is more secure than the USD. The billionaire also compared cashing out from Bitcoin (BTC) with exchanging gold into shells. He argued that there isn’t any sense going back in time because the future is about BTC and other virtual currencies.
During the interview when asked about how many crypto holdings he has invested in, Draper gave a short response to his interviewer: “a lot.”
The Existing Financial System is More Susceptible to Cyber Terrorism Than the Blockchain Technology
There are many who agree with Draper that the current financial framework isn’t as secure as what the Blockchain provides. Draper’s recent statement has actually echoed the thoughts of young Bitcoin (BTC) millionaire Jeremy Gardner. According to Gardner, the existing financial system is more culpable for issues like cyber terrorism, and other crimes than the Blockchain technology will ever be. Both experts and crypto bull may actually not be speaking out of bias for the space.
It should be recalled from an earlier report in November of last year that Draper reaffirmed his Bitcoin (BTC) predictions from April of 2018 that the leading digital currency will go on to trade as high as $250,000 per token by the year 2022. Meanwhile, despite a series of slumps and uneven price actions in the recent bear season, Bitcoin (BTC) has reportedly seen significant growth in the last few days, having jumped by about 7.6% over the day going on to trade at $3,907 as of press time as per data given by CoinMarketCap.