Cryptocurrency advocate and venture capitalist Tim Draper has predicted that Bitcoin could become a vital tool for daily life, bigger even than the internet.
As reported by CNBC, he boldly claimed that Bitcoin would surpass the size of Skype, Tesla and Hotmail, all companies he previously invested in.
Draper even went so far as to claim that Bitcoin could be bigger than the internet, stating: ”It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Daily purchases will be the future of Bitcoin usage, Draper anticipated. “In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto,” he said, also noting that he believed there would reach a point where people are no longer interested in holding fiat currency.
He took the opportunity to also reiterate his prediction that Bitcoin would reach USD 250,000 by 2022.
The comments came on Saturday during Draper’s participation in an Intelligence Squared USdebate, presented in partnership with Manhattan Institute’s Adam Smith Society.
Also participating in the debate was Patrick Byrne, CEO of Overstock.com. He shared in Draper’s confidence of Bitcoin, particularly emphasizing its proficient security aspect.
Byrne stated, ”This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used US dollars too.”
As of Monday, the current market share of Bitcoin is USD 151.5 billion, 38% of the global cryptocurrency market, a large enough sum to validate Draper’s claim that Bitcoin is here for the long term.
Ethereum holds the second largest share, making up roughly 16% of the global market cap, while Ripple comes in third with approximately 8.5%.