Bitcoin to $250K by 2022 may be ‘too conservative’ | Billionaire Tim Draper

the other thing that happened was that when the u.s government printed 13 trillion dollars people kind of well all of a sudden they've immediately diluted the dollar by 20 or 30 percent tim draper is a billionaire venture capitalist and outspoken bitcoin bull he reportedly owns nearly 30 000 bitcoins which should be worth almost half a billion dollars today i think the pandemic is one thing it's a it's a horrible thing a million people are gonna die from the pandemic but 135 million people are going to die from starvation because of the government's reaction to the pending the u.n has warned that the threat of famine due to conflict climate change and covet 19 could reach biblical proportions without immediate action in this video draper explores how tokenization can optimize food delivery systems to combat global hunger he also predicts that the ongoing pandemic may accelerate the timeline of his famous bitcoin to 250 000 projection this interview is brought to you by rachel wolfson staff writer for cointelegraph and host of the crypto chick podcast hi tim how are you hi rachel good to see you again yeah good to see you as well um thank you again for taking the time to chat with me today for cointelegraph great i'm happy too i'm quarantining right now i went away on a weekend trip and um my wife has sent me to quarantine nice sounds fun i want to get your thoughts on this because i think that this whole coven 19 pandemic is kind of pushing blockchain and kind of making it go a little bit more mainstream because we need digitalization right now so do you think that because of the pandemic we're seeing more opportunities in the blockchain in dlt space yeah um it's interesting a couple of things have happened with a pandemic in some some people say it's condensed the time um but that we've for us to adopt new technologies and so people are stuck in place and they're saying yeah why don't i try uh see what vr is like um i'm gonna use this for remote medicine i i have to use it for remote education so some of these things that we've been backing over time have gotten a lot of attention during the pandemic and grown very quickly because people have been stuck in place the other thing that happened was that when the u.s government printed 13 trillion dollars uh people kind of well all of a sudden they've immediately diluted the dollar by 20 or 30 percent uh that's a real shock to the system and people looked and said well wait where do i put money um and you know do i put it in the old-fashioned way do i put it into gold or do i put it into this bitcoin where where it's a great um uh store of value it um and so a lot of people have said well hey i want to i want to move it to bitcoin so um i think a couple of different things have happened i think the pandemic is one thing it's a it's a horrible thing a million people are going to die from the pandemic but 135 million people are going to die from starvation because of the government's reaction to the pandemic because of the lockdowns they tell you you can't travel they you can't be in restaurants or bars or hotels or whatever and all of a sudden that that lockdown shuts off all these supply chains around the world and so people people are starving because our government and other governments just decided they would lock down whenever there's a crisis there's a great opportunity to do something extraordinary when there was a financial crisis satoshi nakamoto came up with bitcoin and i think as uh we're able to put more uh restriction more uh uh accounting systems and and whatever around the blockchain uh we're gonna be able to use bitcoin uh interchangeably with dollars and i think the world is going to be much better off i was speaking with someone yesterday for an interview for an article i'm writing today but they were saying um that a ship has been at the dock and they haven't been able to complete the transaction with the bill of lading because it's manual so this is where tokenization comes in in order for people to get cargo like food if we have tokenized bill bills of lading for instance that food can get delivered to where it needs to be much faster so i think tokenization is going to really advance especially right now what are your thoughts on that i think you're absolutely right and i think that the world's going from this tribal world to a global world and some governments are are resisting that change as we become more global the world becomes wealthier the world becomes healthier uh we we we live longer and happier lives the whenever a government kind of puts down a border or or may creates non-tariff barriers or real tariff barriers uh that hurts their own citizens as much as it hurts the rest of the world and uh and so i think that yes tokenizing a shipment tokenizing product uh can work around some of those um antiquated systems and you can get the food delivered from one place to another right yeah and i mean just that whole tokenization use case we're seeing it in real estate we're seeing it in global shipping we're seeing it in everything that you know you're taking these um items of value and now they can be transferred over the internet which is so useful right now for these industries like real estate and global shipping yeah absolutely and and it's um yeah that tokenization is of is very exciting because it can um i mean in the case of real estate uh you could buy a piece of my house you or you could i could tokenize my real estate and people could say oh that's interesting real estate i'd like to own a piece of that and they don't have to buy the whole thing and that's and it sort of separates the renter from the owner in um in kind of a nice way yeah and tokenization and shipping of course is a great way for people to uh well own containers uh to keep track of all the iot all of the internet of things that are going around in a shipping world uh i i think uh you're gonna see some extraordinary breakthroughs there not just shipping but any kind of uh logistics is gonna have a lot i agree another thing that we're seeing is also the rise of defy i wanna know your thoughts on that um you know what do you think about defy is it is it a bubble or is this something that's actually going to drive adoption no it had to happen um people were sitting on their bitcoin or their other cryptocurrencies um just watching as they appreciate in value but instead of having that money being put to use and uh and you want your money constantly put to use and so i mean i ultimately want to defy the venture capital business where i uh raise a fund just in bitcoin i invest it just in bitcoin the entrepreneurs pay their employees and supplier all in bitcoin and all the accounting through that whole system should be on the blockchain and my relationship with the uh entrepreneur and my relationship with my investors my lps can all be on a smart contract so that if there's a big winner or something it will be distributed into a bunch of different bitcoin wallets um i think that um eventually will happen right now um uh the accounting isn't set up and so it will be over time so the first things that were happening were things like i can lend my bitcoin i can borrow bitcoin i can hedge my bitcoin i can uh i can operate so these are the early the early defy that are coming along now longer term all the accounting the taxes the whole thing can be done on bitcoin people can pay their taxes on bitcoin the the government can collect without having to collect i mean it seems like a natural for them right i mean the way i look at defy is it's setting the stage in my opinion for what i'm i'm seeing as enterprise defy so we're gonna start seeing like you said tokenized invoices that's actually a form of enterprise d5 just exchanging that value all via you know a blockchain network but i think d5 right now is it's still early and it's setting the stage for enterprises to start um using d5 in those ways yeah um not just enterprises um well yeah eventually the enterprises will come in and start tokenizing and using it in lots of different ways um that was the promise of a lot of these early uh entrepreneurial token companies uh but i think the the corporate world wasn't ready for it you know it's interesting a lot of the time the the waves sweep through and the wave usually starts with a consumer and then it moves to the enterprise and then it moves to government enterprises right and i think they they move in that order um and the consumer has been very active and enjoying using bitcoin if i had to send you money right now i mean what am i going to do call my bank and ask me ask them to wire you with some money or you know you'd have to figure out what your account number is i mean if it's bitcoin i can just show you my qr code and you show me yours and it uh i send you the money right yeah it's incredible and i prefer bitcoin over fiat so um you know just hopefully the content right me too yeah obviously right it's just you know what's interesting though is and i'm seeing a lot of the younger generation as well you know i'm here in maui and so some people the younger ones they have bitcoin they they know about it but then you've got the older retired people on the island and you know they know about bitcoin but they don't want to get involved they think it's too risky and and so it's interesting you know because clearly they know about it but they don't want to touch it yeah and if you if you you give the choice of here's twelve thousand dollars or one bitcoin to somebody who's under 35 they most of them will take the bitcoin right they're over 35 most of them will take the dollars and i think that that you know as the years go on uh the move will will be all toward bitcoin i you know people older people i know i'm older but older people um are slower to adapt to new things and they're saying no no i i like i like holding on to my cra i mean if you go further back there are people who say no i keep all my cash in my mattress and if you go further back than that it's like no i have to have the gold or before that it's like i have these shells and they are they're worth something um and uh this is just yet another leap for mankind it's a it's an anthropological leap uh where we're gonna move to something that is uh open and transparent and trusted and decentralized and it's just going to be better than the old one and it'll take time for the old ways to die off i mean i think for years buggy whip manufacturers still made money even after the automobile was created um but you know eventually they went out of business and and that's going to be true of fiat currencies right exactly and are you still sticking by your prediction about i think it was 250k by 2025 or 2022 i can't remember yeah it's uh 2022 end of 2022 or beginning of 2023 and there may have been a little contraction so maybe you're a little earlier um you know because of the covet thing but um but that 250 000 um is really based on a five percent market share in uh of currencies and i think that's uh easily achievable as more women start using bitcoin and as uh since they control 80 of the um retail spending uh i think that i mean it's it's a really interesting thing that there there used to be one in 15 wallets that women bitcoin wallets of women held and now it's one in ten an event or one in 12 or something and it's it it's advancing and as women start using those wallets they'll realize hey this is easier why did i use dollars why am i still bothering with dollars um i know i moved as much of my money as i felt uh fair to do into uh bitcoin and some other cryptocurrencies just knowing that that's kind of the way it's moving right definitely and so yeah i think i it'll certainly hit that and a lot of people are thinking that that was a little too conservative yeah well we'll see i mean we're we're almost in 2021 so that's exciting hopefully things will get better awesome thank you so much tim bye rachel bye thank you coin telegraph like subscribe and hodl [Music] you

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