Billionaire investor Tim Draper says Bitcoin can do a lot more than upend banking, finance and real estate.
In a new post on Medium, he says it has the potential to transform government by breaking down walls and tribes, uniting people into a seamless global economy. The shift will strip today’s political leaders of certain types of power and strategies, opening the way for a “startup government.”
According to Draper, who has funded game-changing startups such as Twitter, Tesla and Coinbase, tribalism is dying and “dying lions are roaring to try to make this global opening more difficult with trade wars and walls.”
“Bitcoin made it clear to us all that we can all share in the same global economy with the same basic values using a unifying global currency. Those that resist this global currency cling to tribalism by saying things like, ‘I don’t understand Bitcoin.’ Or ‘Bitcoin was just a means to an end. The blockchain is the thing.’ or ‘Bitcoin is not money because it is not backed by any (tribe).’
Draper says enlightened governments can compete in the digital economy by offering vital products and services such as a global health care package using Bitcoin, smart contracts and artificial intelligence to settle, track and monitor claims.
“I believe that governments, like any business that is challenged by a new environment, must adapt to the new marketplace. And this is the marketplace of accountable, transparent, and competitive governance.”
He adds that global governments can offer services across borders like multinational corporations.
Draper, who calls his $250,000 Bitcoin price prediction conservative, believes traditional fiat currencies which represent tribes will go extinct. In turn, he envisions Bitcoin, blockchain and artificial intelligence spurring a governance marketplace where citizens around the world can potentially pick and choose services from various providers.
“Bitcoin brought with it a few fundamental technologies that can accelerate our transformation from a tribal planet to a global one.”