Venture capital billionaire and well-known bitcoin bull Tim Draper stated at Crypto Invest Summit in Los Angeles that he still believes that bitcoin price will reach $250 000 by 2022, while also adding that blockchain may bring considerable changes to business and public administration.
According to Draper, Bitcoin could introduce drastic changes to the working principles of public administration:
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five [cryptocurrencies].”
The billionaire believes that these are not just fiat currencies that can be transformed through the use of cryptocurrencies and blockchain, but the entire systems of state and business management:
“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together.
You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting because the accounting is already done. And then you can build smart contracts so that all these contracts are built into the cloud so that whatever is supposed to happen in a contract happens. And then you have all that big data. You have the ability to take that data, add artificial intelligence to it, and make decisions.
Think about what a bureaucrat does. You can replace the entire bureaucrat with artificial intelligence, a smart contract and the blockchain.”
Last month saw Tim Draper stating that the total market cap of the cryptocurrency market will reach $80 trillion in next 15 years. He also stressed that cryptocurrencies is a more crucial technical achievement than Internet and many other technologies developed throughout the history of the mankind.