Venture investor Tim Draper on the CNBC program "Fast Money" has stated that bitcoin and altcoins will become the main means of payment in the coming years. According to him, in 5 years, digital currencies will be able to displace all alternative money.
Draper is known for his early investments in Internet tech. Comparing this period with the "crypto" one, he notes that web technologies have transformed the concept of information, while the blockchain has the potential to transform almost all industries, including government services.
"Five years from now, none us of will use fiat. Because all of this engineering effort, all that excitement, this focus is really on bitcoin and all of the cryptos around it. And I think that's what we're all going to be using and paying with," Draper said.
The venture capitalist also stated that the only stable cryptocurrency is bitcoin. He even expressed his readiness to completely abandon the dollar in favour of the cryptocurrency.