At the Crypto Invest Summit held recently, AMTV interviewed Venture Capitalist Tim Draper on the future of Bitcoin and Blockchain technology. The interview covered various aspects of the cryptocurrency space and one of the main topics of discussions was the factors responsible for stopping the adoption of Bitcoin and blockchain technology.
According to Tim, it was always the “incumbents” who were responsible to stop the adoption and individuals who had the “dollars” would often be skeptical about the idea of cryptocurrency.
He added that entrepreneurs could change this perception and move towards mass adoption. According to Tim, entrepreneurs had to make it easier for individuals to use cryptocurrencies. He added:
“Once everybody starts using it, they won’t even know the difference. Suddenly they’re going to be like, hey there are some cool things I can do with Bitcoin or other cryptocurrencies that I couldn’t do with dollars.”
He spoke about the use cases of cryptocurrencies and how it could be used as a stored value. Additionally, it could also be used as an application for cross-border payments and remittances.
The crypto expert further added that the real breakthrough could be witnessed when individuals would start using cryptocurrencies to buy various commodities in the market without finding any difference between fiat currency and cryptocurrency.
The adoption of cryptocurrency would be relative to the dollar where a rise and fall in the prices would be witnessed. With the rise in prices individuals would not question cryptocurrencies anymore as they would be “jumping in” to buy it and if the prices started rising very fast, then individuals would not spend the cryptocurrency. Tim added:
“So I think over the long haul we’ll get to an asymptote. I think the asymptotes like a million dollars a Bitcoin but we will get to an asymptote where we will just spend it and we won’t even think of political money [fiat money]”