Tim Draper, a billionaire venture capitalist, believes that the acceptance of Bitcoin (BTC) is progressing very well on a global scale.
100 Million Bitcoin Wallets And Counting
Draper described Bitcoin reaching 100 million wallets as an “amazing” accomplishment in a recent interview at Web Summit 2022 in Lisbon, Portugal.
“There are 100 million Bitcoin wallets now, and that’s pretty extraordinary, pretty exciting. And we’re only 15 years in.”
Draper predicts that during the following five years, the main cryptocurrency will become more widely used.
“You know, people say, ‘Well, why aren’t there 10 billion [wallets]?’ The reason there aren’t 10 billion wallets is that it takes time for new technology to spread over the globe. Despite having been around for 20 years, Facebook is still widely used.”
Draper’s Ambition For BTC
According to the billionaire crypto bull, Bitcoin will start to do amazing things five years from now.
The multibillionaire venture entrepreneur also argues that using Bitcoin as a medium of trade is its ideal application. He elaborated by explaining that it would be best if BTC was viewed as a currency.
As soon as people start paying for food, shelter, clothing and other daily consumables using bitcoin, then fiat currency will lose its hold on the masses and there will be no need to hold fiat anymore, according to Draper.
Apart from the potential of being the medium of exchange for billions of people worldwide, Draper sees bitcoin as a change agent in society. According to him, BTC will eliminate the middleman and free people from having to deal with banks and governments.
Stances On BTC Keep Evolving
Banks and governments all over the world have had a dismissive attitude toward crypto since the advent of this disruptive technology. Stances are beginning to evolve, though the process is slow and quite muted. Governments around the world are making a foray into the digital currency world through Central Bank Digital Currencies (CBDCs) and Stablecoins. Countries that have been dealing with sanctions such as Zimbabwe and Russia are now embracing digital currencies and this trend is expected to continue.
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