Tim Draper Says that Bitcoin, Not Governments Will Save the World After Crisis

As Bitcoin (BTC) gradually regains some of its losses after a series of subsequent market crashes last week, billionaire investor Tim Draper made one more optimistic prediction about Bitcoin.

In a March 16 interview with 415 Stories podcast, Draper stressed on decentralization brought about by Bitcoin and other new technologies as a major means which possesses the “ability to transform the biggest industries in the world.”

“It will be Bitcoin, not banks and governments that save the day”

Tim Draper maintained that Bitcoin will be one of the most powerful tools in the times of the recovery of the ongoing worldwide financial crisis, opposing the major cryptocurrency to centralized systems such as banks and governments. Commenting on the interview, Draper noted:

“Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day.”

In the interview, Draper showed confidence that new technologies such as Bitcoin and artificial intelligence (AI) have the power to overhaul all the industries from banking to healthcare and real estate, tapping trillions of dollars of their value. As an example, Draper cited a use case in the insurance industry, stating that the combination of AI, blockchain-based smart contracts and Bitcoin is an ideal start for an insurance company:

“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.”

Draper is well-known for his $250,000 Bitcoin forecast

A pioneer of business ventures in the United States and a co-founder of Draper Fisher Jurvetson Venture Company, Tim Draper has earned the fame as one of the major supporters of the crypto industry. Alongside established Bitcoin bulls such as Morgan Creek’s founder Anthony Pompliano and former antivirus software magnate John McAfee, Tim Draper is famous for his bold forecasts for Bitcoin. After predicting that the price of Bitcoin will reach $250,000 by the end of 2022, Draper leveled up the bid, stating that his own forecast may be underestimating the power of Bitcoin. In February 2020, Draper stated that he quit stocks for crypto in late August 2019.

Apart from crypto, Draper is also investing in technology developments. Now the investor is looking at major potential in technologies such as decentralized finance. On March 16, Draper invested in DeFi Money Markets DAO, obtaining a stake in the form of the forthcoming governance token DMG.