Tim Draper Oct. 30 Interview - HIGHLIGHTS
tim draper interview

Tim Draper Oct. 30 Interview - HIGHLIGHTS

By Ben Wehrman | Crypto for Creators | 31 Oct 2020


Earlier today, Rachel Wolfson, one of my favorite crypto journalists, conducted a brilliant interview with Bitcoin legend Tim Draper.

In less than 15 minutes, they covered everything from tokenization of cargo shipments, to boomers in Bitcoin, to female wallet growth, and more!

Here are my 8 biggest takeaways from the conversation:

 

1. The pandemic has accelerated a whole swath of disruptive technologies, not just crypto.

Virtual reality, video conferencing, and remote work/education to name a few. This one's fairly obvious to anyone that's been paying attention, but it bears repeating for curious onlookers and investors alike!

2. The $13 Trillion stimulus bomb will prove to be the greatest marketing campaign in Bitcoin history.

I 100% agree with this.

"All of a sudden, they've immediately diluted the dollar by 20-30%. That's a real shock to the system. People looked and said: 'Wait, where do I put my money?'"

-Tim Draper

I believe it will take some time to see the fruits of this realization in terms of actual new Bitcoiners, but as everyone in the crypto community knows: once the cat's out of the bag, it ain't ever going back in!

3. Not only has the pandemic opened the eyes of the lower-middle class to hunt for new stores of value, but it's also unveiled flaws in supply chains for the largest corporations on earth.

Example: Cargo ships unable to transact their shipments due to enormous wait times for cash settlement.

Large corporations may not have nightmares about their weekly grocery bill growing like the average Joe does, but they certainly get crushed by the fiat system in other ways. From a purely economical standpoint, the egregious inefficiencies of cash transactions will drive more big businesses to embrace tokenization and blockchain.

4. DeFi will be a huge net positive for the adoption of crypto

He didn't bring up any specific DeFi projects that he was interested in, but he did speak at length about how he dreams of making his entire business empire blockchain-based, from the investors, to the employees, to the top-level managers.

"All the accounting, the taxes, the whole thing will be done on Bitcoin."

5. Tim's prediction on the order of the adoption wave:

Consumer --> Enterprise --> Government Enterprise

Thanks to blockbuster BTC acquisitions from Microstrategy and Square in recent weeks, it appears that we are beginning to dip our toes into phase 2 of this cycle.

Any guesses on which big companies will dive in next? Drop your predictions in the comments!

6. Why don't older people want to use Bitcoin?

Older people are slower to adapt to new things...It'll take time for the old ways to die off.

"For years, buggy whip (?) manufacturers made money after the automobile was created, but they eventually went out of businesses. That's going to be true with fiat currencies."

I don't know what a buggy whip is, but I think we get his point! There are certain times where experience matters, and the older folks' traditional way of doing things wins the day. This does not feel like one of those times.

As more and more "traditional" investors (hello Paul Tudor Jones) jump onto the pile, the faster the boomers will realize that they need to take the L on calling crypto a hoax, and jump in before it's too late.

7. Percentage of women in crypto is skyrocketing.

Just a few years ago, only 1 in 15 bitcoin wallets was female-owned. Now, that number has increased to 1 in 10.

Since women spend more money on retail shopping than men on average, this will be an extra push for retailers to adapt their businesses to accept Bitcoin and other cryptocurrencies.

8. Latest BTC price prediction:

$250K by late 2022, early 2023. This is based on Bitcoin penetrating a 5% market share of global currencies, a feat he sees completely reachable.

You can tell by his giant grin during this segment that a part of him believes this is a very conservative estimate.

 

Huge shoutout to Rachel and Tim for sharing this awesome conversation with the world!

You can follow Rachel Wolfson on Twitter HERE, and Tim Draper HERE.

 

Thanks for stopping by, friends!

Keep calm and stack sats,

-Ben


 

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Ben Wehrman
Ben Wehrman

Crypto, clean energy, photography. Invest in the future you believe in. Twitter: @benwehrman / Instagram: @where_man / Website: benwehrman.com


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