Legendary venture capitalist and Bitcoin maximalist Tim Draper blows hot on DeFi, seeks to introduce DeFi into the venture capital business. Leveraging on the incessant printing of the U.S dollar and the rise of the global pandemic, Tim still holds firm to his $250,000 Bitcoin prediction.
Since 2018 Tim Draper hinted that the Bitcoin price will brace $250,000 by 2022, the price of the noble digital asset has maintained an upward projectile movement with the influx of institutional players.
With the recent events unfolding: PayPal moving into crypto, Squares Bitcoin investment, Singapore’s largest bank launching crypto trading platform, JP Morgan’s coin JPM goes live and many more factors are pointing towards a bullish Bitcoin price scenario.
Covid-19 And Other Factors Has Set The Stage For Massive Blockchain Adoption
As the Covid-19 pandemic continues to take its toll on the global community, there has never been a time when blockchain and cryptocurrency adoption was much desired than now.
With the continued support for contactless payment infrastructure and the need to shift the global adoption curve to an entirely new technological paradigm due to incessant printing of fiat out of thin air, blockchain and crypto continue to present itself as the most viable option.
Draper pointed out that “when the U.S. government printed $13 trillion dollars, they immediately diluted the dollar by 20 or 30%. That was a real shock to the system. People then said, ‘Well, wait, where do I put my money? Do I put it into gold, or do I put it into Bitcoin where it’s a great store of value?’ A lot of people have said they want to move their money into Bitcoin.”
I Ultimately Want To “DeFi” The Venture Capital Business – Says Draper
Decentralized finance (DeFi) products took the world by storm in 2020 and are now gaining massive mainstream interest. Draper has only been bullish on Bitcoin but also thinks DeFi will become a big thing within and outside the industry.
In an exclusive interview recently, Draper reiterated that “I ultimately want to “DeFi” the venture capital business, where I raise a fund just in Bitcoin, I invest it just in Bitcoin, and the entrepreneurs pay their employees and suppliers all in Bitcoin. Then, all the accounting through that system should be on the blockchain.”
The renowned venture capitalist believes that this system will present a number of strong use cases for the future of DeFi. Ultimately, all the accounting systems, taxes and everything else related will be done using Bitcoin in a DeFi protocol. But at the same time he doesn’t get into much finer details on how it will all be executed.
It’s needless to beat it too hard. Leveraging on the interest that has rallied behind the protocol, DeFi is certainly here to stay. It’s only a matter of time until the whole financial system gets totally revamped.