A comprehensive look at the cryptocurrency ecosystem shows a growing interest in bitcoin as the Covid-19 economy is setting in. Tim Draper believes that bitcoin will disrupt the world 10 – 100X more than the internet.
In a recent post, Billionaire Venture Capitalist Tim Draper remained focused on the long-term trajectory of the technology behind bitcoin. Tim Draper has explained why bitcoin and the blockchain technology will transform the entire industrial outlook and unleash far greater impact than the internet. The early investor in Skype, Twitter, Coinbase, and Docu-Sign sees a paradigm shift reminiscent of the opportunities of the 1990s. Draper says:
“When the internet came around, we were very excited, and we funded a lot of companies, and the internet transformed communications and information and gaming and entertainment media. But now we have new technologies, and they start with Bitcoin.”
Transform the Existing Financial Systems
Draper believes this magic technology has somehow allowed us to have a trusted, global currency that isn’t tied to any political force. And it’s open, transparent, global, frictionless, and the technology that built Bitcoin also has other applications. For instance, the blockchain allows for a perfect ledger. It keeps perfect track of money, or it can also keep perfect track of data.
Bitcoin is designed to transform the existing financial systems and eliminate finance intermediaries. The technology has great potential to transform the global economy as it can also function as a safe-haven asset in some cases. As a result of Covid-19, the ongoing economic downturn has shown bitcoin’s potential to be an alternative global financial system. Governments, investors, banking institutions, and companies are taking a real-time interest in cryptocurrency.
Eliminate the Possibility of Fraud
Bitcoin has properties that are more superior than we have in fiat and other traditional currencies like gold. This gives BTC power to impact the global economy positively. Some of the unique characteristics that give bitcoin a great potential to become a game-changing financial breakthrough include its digital form existence. You can store it in a digital wallet and restore it using a seed phrase. Bitcoin is a decentralized digital currency’ this means it is designed to eliminate the possibility of fraud by making it a real-time transaction process.
That many investors and payment processors are adding cryptocurrencies like bitcoin to their portfolio can only be a good sign. This is most likely because bitcoin allocation higher their chances to improve portfolio upside. Bitcoin has already allowed many investors, including individuals, businesses, and governances, to grow and flourish. Draper added:
“Things like insurance and real estate, healthcare, government — all of these things have the potential to be completely transformed. And this is the time. And I feel like those industries are 10 to 100 times bigger than the industries that were affected by the internet. So we’re in a big opportunity.”