In a new interview, Silicon Valley billionaire and Bitcoin advocate Tim Draper says fiat currencies are not just slow and insufficient – they’re dangerous.
“Right now, your banks are being attacked all the time. The hackers are poking holes in your banks and going after your fiat money and the bankers are pounding away trying to keep the hacks away, but they’re getting hacked all the time.
No one has ever hacked the Bitcoin blockchain. It is the most secure place to put your money. So as a store of value, it is a great place to be.”
Draper also points out the simple fact that Bitcoin and cryptocurrency allow people to move money around the world without the need for meddlesome and costly middlemen.
“There’s a major revolution taking place that is now allowing for a better currency. One that is more secure, that is decentralized, that is more effective, more useful. It’s global. It’s open to everyone. It banks the unbanked.
It allows people to send their money to their families in the Philippines or in Mexico without any big friction. It is a far better currency than the fiat currency.”