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Tim Draper: Bitcoin Is The Future World Currency

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A well-known venture capitalist Tim Draper says that the world needs a new currency, and bitcoin is the ideal candidate. 

Tim Draper a few years ago began to actively invest in bitcoin and believe in the future crypto currency will play an important role in the global economy.

Moreover, according to him, in the future a very large share of the world currency market, the current volume of which is estimated at $86 trillion, will be accounted for by the cryptocurrency.

In his interwiev Tim Draper says:

"I look at it quite differently, because I think bitcoin is the future currency. When people ask me if I sell my bitcoins, I say, "Why would I want to sell the future for the past?"

At the same time, he stressed that in order for his forecasts to come true, bitcoin must begin to meet certain requirements of consumers.

In 2014, Tim Draper purchased almost 32,000 BTC at an auction confiscated by the US authorities from the Silk Road trading platform. Then he paid for this number of coins about $ 18 million, but today he owns bitcoins worth $ 310 million.

When asked whether he considers the volatility of bitcoin a problem for "ordinary people", the entrepreneur replied that he first thinks about security.

"My bitcoin is safer than my dollars in the banks. Blockchain has never been subjected to break-ins, and banks are hacked constantly," said Tim Draper.

He also noted that banks often refuse people who would like to open an account and put $ 20 on it, because its service under the current rules of regulation would cost banks $ 200. With bitcoin, such a problem can not be by definition, and therefore it is able to cover very wide and poor segments of the population around the world.

Previously, Tim Draper has already stated that bitcoin and other cryptocurrencies will so firmly enter life that there will be no reason to use Fiat currencies. He also believes that the emergence of blockchain, cryptocurrency, FINTECH and ICO has forever changed the financial market, allowing the economy to involve people who can not use banking services.