Draper details at the Web Summit that he envisions digital assets will become superior “transfer agents and stores of value.” Even with a thousand bitcoin clones, Draper believes quite a few of them will work together in the future, but if cryptocurrencies don’t become more simplified, they may not get adopted.
“They are all [Cryptocurrencies] going to interrelate, and there will be exchange rates for all of them,” Draper emphasizes.
My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has most value — If it doesn’t get simplified it won’t get adopted — good marketing people will simplify all use of these things.
Draper also believes there may even be coins based on individuals, and some that put “value on our time and attention.” The investor has always had a firm conviction towards his predictions, as Draper even wagered $400K that bitcoin would rebound after 2014’s slump. The venture capitalist’s wild-eyed forecasts seem a touch more believable these days as bitcoin’s market cap is only $45B away from reaching his 2014 outlook.
What do you think about Tim Draper’s predictions? Do you think he’s right that fiat currencies will be irrelevant and laughable in five years? Let us know what you think in the comments below.