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Learning & News => News related to Crypto => Topic started by: sirty143 on February 01, 2024, 08:51:59 AM

Title: Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won
Post by: sirty143 on February 01, 2024, 08:51:59 AM
Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won't Want Dollars Anymore

(https://i.imgur.com/Y9uUKfKm.jpg)

Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding... See more for yourself here (https://news.bitcoin.com/billionaire-tim-draper-doubles-down-on-bitcoin-foresees-moment-when-people-wont-want-dollars-anymore/).

Your opinion is greatly appreciated.

Title: Re: Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won
Post by: Charles-Tim on February 01, 2024, 09:31:28 AM
I saw this on the news through the link the OP posted above

Quote
Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.”

Bitcoin is not a stablecoin like United States dollar. But I can get the point of people that say this. It is because in long term, as bitcoin would have increased in price, fiat price would have decreased instead. But what I noticed is that the conversion of dollar to bitcoin and bitcoin to dollar is very easy. This can make people to easily convert bitcoin to fiat and spend the fiat, while having your money in bitcoin.

Bitcoin is not a substitution but an alternative.
Title: Re: Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won
Post by: Z-tight on February 01, 2024, 07:40:11 PM
BTC will surely continue growing and a time will come when all the people who want to control their money will shift to BTC and only leave a small portion of their funds in fiat. Right now you can already spend BTC on a lot of things, both physically and online and in the future it will increase.

However, i don't think there will be a time when people would not want to accept the u.s. dollar, it is such a strong currency and the u.s. economy is so stable, so i think both BTC and the u.s. dollar will be used together, but BTC will be used a lot less than it.
Title: Re: Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won
Post by: robelneo on February 01, 2024, 09:47:43 PM
Quote
I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore

I don't see this one happening, Bitcoin is a good alternative but we still need fiat because not everything can be traded online and the US authorities will do everything not to lose the power of the dollar, they may ease up their restrictions against Bitcoin but they are on the watch if the dollar is being threatened.
This is the best time to hype Bitcoin so they are doing it, halving is just around the corner and everyone is in the accumulation stage maybe after the coming halving we will see Tim Draper's prediction of $250k coming true, that's possible.
Title: Re: Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won
Post by: Jamal Aezaz on February 02, 2024, 08:46:33 AM
Quote from: Z-tight on February 01, 2024, 07:40:11 PM
BTC will surely continue growing and a time will come when all the people who want to control their money will shift to BTC and only leave a small portion of their funds in fiat. Right now you can already spend BTC on a lot of things, both physically and online and in the future it will increase.

However, i don't think there will be a time when people would not want to accept the u.s. dollar, it is such a strong currency and the u.s. economy is so stable, so i think both BTC and the u.s. dollar will be used together, but BTC will be used a lot less than it.
Bro. first you said people will leave small portion of their funds in fiat and then you said there will not be any time people would not want to accept US dollars. you sounded so confused to me.
if people would want to keep only a small portion of money in fiat then there is no reason of not accepting bitcoin over fiat.
It might take very long maybe a decade or two. but it is surely possible. I am very skeptical about that.