Tim Draper, a prominent venture capitalist and longtime bitcoin advocate, reiterated his strong belief in BTC’s future in an interview with Benzinga’s Jason Raznick this week. Expecting the cryptocurrency to surpass fiat money as the global standard, Draper doubled down on his bitcoin price prediction, stating:

$250,000 by the end of this year.

Draper envisions a financial ecosystem where bitcoin is the primary medium of exchange, eliminating the need for traditional fiat currencies. Raising concerns about a potential collapse of fiat, he detailed: “There will be a time that I’m a little worried about actually where we have a run on the fiat currencies and they’re going to run on the banks for the fiat currencies to get moved into bitcoin.” He noted: “Ideally, that’s all going to be electronically done so we won’t have people at the banks, clawing at the banks and breaking windows or whatever to try to get bitcoin out of their dollars.” He believes this transition will happen swiftly, cautioning:

If there’s a run on the dollar and they’re running to try to transfer their dollars into bitcoin, it’s going to happen very quickly.

The well-known venture capitalist argued that BTC will eventually be the preferred currency for daily transactions, making fiat obsolete. He stated: “There will be a moment when I can buy my food, my clothing, my shelter, pay my taxes—all in bitcoin, and I won’t have a need for fiat currency. There will be no reason to hold it because bitcoin appreciates in value over time and fiat depreciates in value over time, because, by its nature, governments produce more and so there are more dollars out there than there were before and so your dollars that you have are worth less and that’s what inflation’s about. So we’re gonna have a currency that is very stable.”

Draper likened fiat’s decline to historical instances of currency collapse, comparing it to Confederate dollars, which lost value after the Civil War. He stressed that technological advancements, including bitcoin and blockchain, have created a more efficient and transparent financial system.

Challenging traditional ways of valuing bitcoin, Draper suggested shifting the focus away from measuring it against fiat. “We should really not be comparing it to the dollar anymore because the dollar [and] all fiat currencies are going to fall against bitcoin. They continue to fall against bitcoin,” he emphasized. “If you believe as I do that the dollar is an antiquated currency that is not long for this world … that’s not even a fair comparison, so it should be compared to a commodity instead.”

Asserting that instead of viewing bitcoin’s price in dollars, people should compare it to commodities or tangible goods, Draper described: “If you look at it slightly differently. You flip it around—bitcoin to the dollar—you see the dollar is just falling off the map.” The venture capitalist insisted that bitcoin will eventually reach a point where its value against the dollar becomes infinite, concluding:

In effect, bitcoin goes to infinity against the dollar. But it doesn’t become infinitely valuable … the dollar becomes zero.

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