Tim Draper: cryptocurrency will force out ordinary money in five years

Venture investor and well-known cryptocurrency enthusiast Tim Draper said that you should not succumb to despondency, because cryptocurrency has a great future - in five years digital assets can force out fiat currencies.

Draper has always been much more optimistic about the future of Bitcoin than other industry players and cryptocurrency enthusiasts. He believes not only in Bitcoin, but also in the potential of the entire cryptocurrency industry.

In an interview with Fox Business, Draper reiterated his view that fiat funds would surrender to the pressure of cryptocurrency for the past 5 years.

"Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they're frictionless, they cost you less. The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin," said Draper.

He explained that illegal activities can be easily traced in the blockchain and that is why criminals will use fiat money as long as possible.

Draper also noted his joy at the launch of JPMCoin. In his opinion, this is really great news for the entire industry.

"Not many bitcoin knock offs have worked particularly well, but they all add to the interest in bitcoin," said the venture investor.

Earlier, in April 2018, Tim Draper expressed the opinion that the Bitcoin exchange rate would reach $ 250,000 by 2022, and in November last year, he again confirmed his prediction.