Tim Draper, the American venture capital investor, was recently found discussing the bloodbath that occurred last week which smacked bitcoin right across the face. It was one the worst week for bitcoin, which occurred as investors were frightened by the coronavirus, which led to a plethora of clashes and a massive sell-off. With the world trembling in fear, many countries and world leaders have come forward in a bid to scale down the coronavirus impact. They have also introduced stimulus packages to help the financial markets.
The virus caused collateral damage, and no asset escaped its wrath and faltered along with the traditional markets. Tim Draper, however, holds the view that when the dust settles down, and normalcy is returning, Bitcoin would be saving the day and not banks or governments, as many might be perceiving.
Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day. https://t.co/ChEQ70CcKL
It is worth recalling the tweet made by draper a few days ago, where Tim Draper lashed out at the governments for the way they were tackling the situation. Millions of people have been pushed into quarantine amidst the growing virus to stop the spread. Draper, however, believes that the consequences of this would be a crippling economy, and that will lead to a much difficult situation. He believes that a moribund economy would cause more death than the virus itself.
In the podcast, Time Draper praised bitcoin for the potential it carries to revolutionize the trillion-dollar economy infrastructure in the world. The bitcoin investor is a big fan of the top cryptocurrency and also think the that its decentralized nature of it, along with artificial intelligence (AI) are the game changers and would transform how the industry works, similar to the impact of the internet.
He also gave an example of pf how these three can be combined effectively and can lead to an efficient insurance company. He said,
"For instance, I could start an insurance company with an actuary, AI to determine fraud and then a smart contract with bitcoin and then put it all on a blockchain.”
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