Tim Draper, billionaire venture capital investor with millions invested in crypto and long-time Bitcoin bull, recently shared thoughts on JP Morgan’s JPM Coin and whether or not cryptocurrencies will soon become the standard in our society.
Tim Draper: Crypto Will Become Widespread, Only Criminals Will Use Cash
Draper firmly believes that crypto is the future, and has already invested millions of dollars into the nascent asset class. In fact, he believes crypto will go mainstream sooner than what many people think. Last May, Draper told Forbes that in 5 years, Bitcoin and cryptocurrencies will clearly be mainstream.
“In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant… there will be no reason to have the fiat currencies.”
In his interview with Fox Business, Draper reiterated these comments, stating that soon only criminals looking to avoid being tracked by blockchain will use fiat currency.
“The criminals will still want to operate with cash because they catch everybody who is trying to use Bitcoin.”
To Draper, the idea that cryptocurrencies will soon go mainstream is a clear-cut fact. He believes crypto just has too many benefits to not be adopted as the standard.
Furthermore, Draper said he believes his money in the bank is far less secure than it is in Bitcoin, proclaiming that his bank is constantly under a hack attack and that nobody has managed to hack Bitcoin’s blockchain.
JPM Coin Bad For Bitcoin?
During the Fox Business interview, Draper provided insights on JP Morgan’s JPM Coin and what effects it could have on Bitcoin and the cryptocurrency industry as a whole.
For the uninformed, JPM Coin will be the cryptocurrency launched by America’s largest bank, and will be initially used for the settlement of cross-border payments for large corporations within JP Morgan’s network. It will not be available for mainstream retail use just yet, but has the potential for this use case in the future.
While Draper is largely against banks, as he is pro-cryptocurrency, he actually believes JPM Coin is great news for the overall industry. In fact, he believes all alternative cryptocurrencies have helped Bitcoin by adding interest and increased capital.
“Not many bitcoin knockoffs have worked particularly well, but they all add to the interest in bitcoin.”
Do you think JPM Coin will help drive Bitcoin and crypto adoption? Will the mainstream fully adopt crypto in 5 years? Let us know in the comment section below.