Tim Draper: Coronavirus Could be Tipping Point for Bitcoin

Billionaire Tim Draper believes the time for bitcoin to flourish is right now, as the global bailout bill surpasses $7 trillion and is rising fast.

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In a recent interview, Draper stated he believes the government’s infinitive money printing bailout plan would take years before the capital “permeates” the global economy.

“They are going be printing all this money to try to get the economy back after they’ve basically tanked it,” stated Draper.

“They are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.”

In his opinion, people will look to bitcoin’s fixed supply as a way to escape fiat, which is being created by central banks.

“This is going to be a really interesting time where people say ‘well, why don’t I just use Bitcoin?’ 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 believes financial technologies like cryptocurrency, smart contracts, and artificial intelligence will constrain governments to provide improved services at “lower costs” to attract citizens.

“It doesn’t matter whether you are from the U.S, China or Russia or India or Europe or whatever, we are an open world and then the geographic borders are going to mean less and less.”

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