With the rapid growth of the number of coronavirus cases, the future of Bitcoin is shrouded in a huge cloud of uncertainty. Despite the continued downturn in the market and the central bank's concerted efforts to alleviate the currency situation, cryptocurrencies have failed to hedge against this chaotic situation.
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But billionaire venture capitalist Tim Draper is convinced that once the crisis is over, bitcoin, not the bank or the government, will be able to save the day.
When the world recovers, it will be Bitcoin, not banks and governments to save the world.
-Tim Draper (@TimDraper) March 16, 2020
Bitcoin will flourish
According to U.Today, Draper predicts that the price of Bitcoin (BTC) may surge to $ 250,000 by 2023 after gaining a 5% share of the currency market. Given that this leading cryptocurrency is now trading at just over $ 5,000, this prediction seems unrealistic.
This venture capitalist has a knack for discovering disruptive companies. He was an early investor in Skype, Tesla, SpaceX and other startups that ultimately changed the world.
In a recent interview, he described how Bitcoin has changed the insurance industry.
"For example, I could use actuary AI to set up an insurance company to determine fraud, and use a Bitcoin smart contract to put it all on the blockchain."
Fear is more serious than the virus itself
On March 14, Draper criticized governments around the world for dealing with the coronavirus. Italy, France, and many other countries are blocked, and all indispensable businesses have been closed.
The billionaire explained that the number of people who died from the economic collapse may be more than the actual virus.
"Fear is far worse than the virus. The government is wrong and businesses need to stay in business. Otherwise, more people will die from the economic collapse than from the virus.-Tim Draper (@TimDraper) 2020 March 14 "