Venture capitalist Tim Draper says Bitcoin , a frictionless and transparent cryptocurrency, has the potential to change the nature of banking when it first appears on AIShowBiz.
He explains that the main room eliminates the need to pay exuberant fees "every time you swipe a credit card."
Furthermore, if the government decides to print tons of dollars uncontrollably, your wealth held in BTC will not be affected by this "inflationary explosion", thus making political forces less intrusive.
Uproot tribalism
Recently, Draper mentioned that Bitcoin could increase the level of globalization in the same way as the Internet in the previous two decades, when businesses and consumers were interconnected.
Crypto allows individuals to easily move money from one country to another without any obstacles. Draper explains that an immigrant from Syria could not easily spend his country's money in Greece, but Bitcoin allows it.
If you move to Greece and you had Bitcoin , you can withdraw your Bitcoin and start your life over again ”
Draper says some governments are still trying to hold on to their sense of tribalism because it represents their power base. Many governments are trying to hold on to this power and so we see things like trade wars or trade barriers or the wall or anything that can hang on to what used to be important, namely tribalism.
The billionaire adds that the pandemic has let governments become more tribal.
Draper has been a staunch critic of the government-imposed blockages, saying the economic damage is going to be worse than the virus itself.
Decentralization of everything
The legendary investor identifies decentralization as one of the hottest trends in the venture capital industry, and he wants to invest in companies using Bitcoin .
He proposes to create an insurance company with smart contracts and artificial intelligence.
As PassionCrypto reported , Draper predicted that blockchain-based accounting could be the next big thing in crypto.
The Bitcoin blockchain could also be used to govern and speak freely.
