Topic: 📢 ₿ Bitcoin will replace Dollar? Even celeb venture capitalists are saying this - page 2. (Read 275 times)

He's one with us and known to be bullish on Bitcoin long time ago. I think that it's better to say that it is the financial institutions that are now into Bitcoin and not the government. Because with the "shift" as he said about the US government into Bitcoin, they're just like going on to a thing that they have no full control of it and if they did, they shouldn't sold the Bitcoins that they've seized. Bitcoin as a reserve for the government? I don't think that will happen but there's a slight chance that it will. Whilst for the financial institutions, we've got the Bitcoin Spot ETF and it's being followed by one and the other institutions. But only time can tell on what can actually happen in the nearest future.

As much as this topic doesn't want to be discussed in public places and the reality of it doesn't sound good to the conventional financial system and the downside of the phasing away of the dollar, it still remains an obvious truth.

The introduction of the blockchain technology has further exposed the disadvantages of the conventional financial system and the banking systems have become limited in its operations and regulations knows this but it also renders them incapacitated.

For Bitcoin to replace the dollar or other fiat currencies, Governments have to make it the legal tender which I can bet you most won't allow, of which the reason is pretty obvious. They can not control bitcoin or print more of them, like the way they do with their fiat currencies. More and more people can use bitcoin for payments and other forms of transactions with the Government approves or not. At least to my understanding, that was the whole point of Bitcoin's creation.

I read the story of Tim Draper buying all 30K auctioned coins after losing 40k BTC In The Mt. Gox Collapse. He was such a fearless and strong believer in Bitcoin and it is always inspiring to read about Bitcoin believers like this. His predictions might be correct because Bitcoin has the potential to get to the amount Tim predicted but I don't see Bitcoin replacing the dollars. And I don't also think that Bitcoin was designed to be the only currency. Bitcoin will be an alternative currency for a long time. It is moving to a stage where it will take its place as digital gold, which means it might be used more as an investment.        

No matter how a maximalist anyone wants to be, once they touch on the issue of Bitcoin replacing dollar/fiat, I lose confidence in them. Don't get me wrong. I want to see Bitcoin grow to the point of mass adoption (I believe most of us here want that too) but we've to face reality of that replacement never ever going to happen. In some of my previous posts on this issue, I had stated reasons that wouldn't make that happen.

As for Tim Cook, his $250k prediction of Bitcoin for 2022 was off the mark. Come to think of it, didn't he know that 2022 was supposed to be a bear year? But of course, that was what it was supposed to be. It's the same way most of us know that 2026 will also be another bear year. How would he then put a prediction for such a price level that year? He could've said 2021 or 2025 and then we see what happens next. It shows how reckless he's with his predictions and comments. No one should trust everything Tim says without verification even if it gets them excited.

Tim Draper is an investor not just in Bitcoin but a ton of other tokens aand he has also been investing in ICOs back when they were still a thing in 2016-2018. If there's one thing I know about these venture capitalist like Tim Draper is that they're not too interested in the technical side of things. As long as they can shill their bag (BTC) and numbers go up, they are good

Btw, the quotes from the video is talking about things that are already happening and nothing new - These days, you can most things or pay for services using Bitcoin.

Blast from the past. I totally forgot about him. Thanks for digging up this interview OP.
Yup, he made a brave move of purchasing 30k bitcoins from FBI's auction back in 2014. I don't think he ever disclosed the exact amount he paid, but it was worth around $17-18 million at that time. If he held on to all of it (which I doubt), the stash would now be worth $1.3 billion - a pretty fortunate investment.

As for replacing the Dollar - it won't happen until some post-apocalyptic scenario, or at least until the current financial system collapses. But that's OK, Bitcoin doesn't have to replace fiat to be successful. I'd rather have it as an asset/currency of choice rather than something mandated by the government.

Not only is he a venture capitalist he is also a bitcoin enthusiast we have to take note of that

I do think that the time where bitcoin will be used instead of dollars would eventually happen and there will be nothing to stop that from happening more and more, people are starting to recognize bitcoin not just as something invest in but as an actual currency to be used

It is crucial that we do not listen blindly to other people’s opinions because someone who does not like bitcoin even if they are an expert in their field will of course say that bitcoin will crash on the other hand someone who adores bitcoin will say otherwise

It is up to you to try and figure it out for yourself and as someone who has bitcoin, i can definitely say that bitcoin is our future

Dollar is a legal tender and more stable. But in long term, it is a depreciative asset. Dollar is better than the fiat of many countries. Why is bitcoin not dominating yet in those countries with high inflation rate? There is nothing that will compete against fiat because it has its own purpose.

Bitcoin is not a substitute but an alternative because it is more volatile but it is an appreciative asset. That does not makes it a substitute but an alternative.

Flock you know this Billionaire?
This is Timothy Cook Draper, the most well-known venture capitalist in USA, and founder of Draper University.


Could you guys remember this early-stage BTC investor? Draper is the first strong hand who dared to say BTC would hit 250K when Bitcoin was trading below 4k per unit in 2018! He spread this possibility of Bitcoin to the whole world from Draper University by arranging a blockchain party.

According to CNBC Report When Elon Musk started criticizing about Bitcoin and fossil fuels. Draper strongly answered him, he said that "big banks have their own environmental issues."

A few days ago I've seen someone in this forum talking about the Silk Road acquisition, if I recall correctly this is Draper who single handly scooped up around 30K BTC (not 30K worth of BTC, its 30K BTC ) from the US govt when they opened an auction to sell BTC from Silk Road operation in 2014.

I am a Bloomberg TV show fan,. Last Tuesday it caught my eyes when I saw Draper in a LIVE TV show on Bloomberg with this heading- Why Tim Draper Is Still Bullish on Bitcoin



I found it very interesting, I'm sharing his statement with you.


In this interview, Draper's keynote was that he figured out the US Government's shift to Bitcoin. In recent times the government able to realise the actual benefits of Bitcoin. Also, he said some other things which are very interesting, why? cause I found no celebs dare to make such kind of talk on Live TV show.
I am presenting his exact statement to you through screenshots, I also quoted his statement below.





Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?