Billionaire Bitcoin bull Tim Draper says this week’s intense regulatory scrutiny of Facebook’s Libra is doing Bitcoin a big favor. In a new interview with CNBC, Draper says the more big corporations embrace digital assets, the more people will recognize the benefits of BTC.
“Actually, it’s bringing it to light. It’s good to have people talk about it. Because the more they talk about it, the more they realize how important Bitcoin is going to be for the planet, for all of us. We won’t have to pay 2.5% to 4% every time we swipe a credit card. We’re going to have an open currency that we can move from place to place easily.
I think we’re all going to be better off once people start to really understand what’s going on. This is one of the best things that’s ever happened to us. It’s one of the greatest opportunities we’ve ever had. And so Bitcoin and the decentralization of the world and the opening of the world are going to be terrific for all of us.”
Draper disagrees with the notion that we’re now entering a post-Bitcoin world, and says US regulators need take note of global support for blockchain and let the technology thrive.
“I think all these other cryptos are bridges to where we have a Bitcoin environment. And I think the governments are all trying to figure it out. It turns out that our government has a lot of heavy regulators and they’re all trying to get involved here. And that’s slowing down the US.
Why is Libra in Switzerland? Why did all these other cryptocurrencies get started in Gibraltar or Malta or somewhere else? It’s because we have so many regulators and so many people getting involved before we’re able to innovate. I’m afraid that all this incredible innovation that’s happening around Bitcoin, the blockchain, smart contracts, open node, all these extraordinary things are happening out there and they’re going to go to other countries if we don’t open up.”
Draper has predicted that Bitcoin will hit $250,000 by the year 2023.