Bitcoin’s new-found hype and growth may aid ‘world transformation’

  • 06 July 2019, Saturday, 09:00

The cryptocurrency market witnessed a resurgence recently after Bitcoin initiated the price hike pattern across the board. This climb in value and market cap went hand in hand with several proponents of the space talking about how the industry and Bitcoin, in particular, were here to stay and ‘decentralize industries.’

Bitcoin’s advantages and future usage was brought to light recently by famed venture capitalist and cryptocurrency proponent, Tim Draper, who was fully on the side of the world’s largest cryptocurrency. Draper opined that the 2019 trend revolves around everything Bitcoin and data. According to Draper,

“Just like Hotmail and Skype opened up the world for all of us by destroying solid borders, Bitcoin will revolutionize the payment and finance system. In my opinion, the technology derived from Bitcoin such as smart contracts will have an enormous effect of industries like insurance, healthcare and finance.”

The venture capitalist added that data combined with Bitcoin and the cryptocurrency industry has the potential to positively impact multiple industries. Draper was also in the news recently when he stated that Facebook was “way too late” in entering the cryptocurrency game. In his words,

“They’re (Facebook) way late into the game. Eventually, they’ll fall into the same place as all the other cryptocurrencies where they say Bitcoin’s better!”

He added that the US government will not impose too many regulations on the technology as it may drive innovation away from the country into crypto-friendly markets such as Malta and Japan. During the interview, Draper voiced the same concern while addressing China’s growing presence in the cryptocurrency industry. He was confident that China’s curb on the digital asset industry will in turn, benefit more open-minded countries like Japan.

The man behind multiple ventures like the School of Heroes and DFJ also claimed that the sooner countries get into the right cryptocurrencies and integrate it into their economies, the better.