Tim Draper has doubled down on his support for Bitcoin saying it is the tool that will save the world from the ongoing economic crisis. The renowned billionaire investor remains optimistic about the cryptocurrency despite it undergoing some massive price crashes in the past week.
Draper pointed to the decentralised nature of Bitcoin as the driving force that will propel the digital currency in saving the world from future economic turmoil. The acclaimed Bitcoin supporter was sharing his thoughts on the 415 Stories podcast saying that Bitcoin alongside other new technologies has the “ability to transform the biggest industries in the world.” He opined that these tools will provide a major shift from the legacy system that have continually resulted in economic downturns repeatedly.
The billionaire investor has keen interest in the blockchain technology and perceives it to have the potential of changing the world. In this respect, Draper pointed out that Bitcoin will be among the major tools that will play a key role in the recovery process from the ongoing global financial crisis.
Draper also observed that centralised institutions such as governments and banks will only play a small role in the recovery process thus paving the way for cryptocurrencies to gain traction in the mainstream markets. To further affirm his position on this, Draper tweeted
Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day.
The Bitcoin proponent spoke highly of the digital asset and other emerging technologies such as artificial intelligence (AI) saying that they hold the potential of revolutionizing multiple industries. Draper feels that these emergent technologies can effectively transform sectors such as real estate, finance, and healthcare and generate trillions of dollars in value.
The billionaire investor cited the insurance industry as one of the sectors benefiting from the adoption of AI and blockchain-based smart contracts to provide services to their customers. In this respect, Draper said
For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the blockchain.
This is not the first time that Draper has expressed his confidence in Bitcoin. Earlier this year, the billionaire predicted that Bitcoin will hit a $250,000 valuation by May as excitement around the halving event grows.
However, the digital asset has suffered some major setback in the past week after falling by over 50% due to the ongoing coronavirus-driven global economic crisis.