COVID-19 Could Turn Things for Bitcoin, Says Billionaire Tim Draper

COVID-19 Could Turn Things for Bitcoin, Says Billionaire Tim Draper

By Abhimanyu Krishnan | News | 8 Apr 2020

Billionaire investor and Bitcoin enthusiast Tim Draper has said that the coronavirus pandemic could be the tipping point for Bitcoin and the market, a thought which has been contemplated on by many others. Draper was interviewed by InnMind, where he spoke on several subjects, including the pandemic, the applications of the technology and his investment methodology.

Like Chamath Palihapitiya, Draper does not consider the injection of money to be a suitable solution to the pain that the global economy is facing,

They are gonna be printing all this money to try to get the economy back after they've basically tanked it. They are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.

This is a point that many Bitcoin proponents have made in the past, and the deflationary nature of Bitcoin has long been a core part of its appeal. Draper goes on to say,

I know there are only 21 million of them and we don’t have to worry about whether a government is diluting their currency by printing tons of it, we can instead just use a currency we all agree on and it’s all a part of the economy and it’s already frictionless and open and transparent and global.

Draper ends his thoughts on Bitcoin by talking of how the world is changing and borders are becoming meaningless, saying that it will just make more sense for people to migrate to a technology that is fair, transparent and ignores any challenges that may come from a consumer’s location.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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