Leading venture capitalist Tim Draper Bitcoin and US dollars were compared in terms of their financial benefits and disadvantages. In the future, he said that BTC will have a higher value than USD as the trust in fiat currency is diminishing. Federal Reserve prints billions of dollars every year, and circulates them both domestically and abroad. Importing US dollars funds the deficits of other countries while it also increases inflation risks.
Please Read This: Shiba Inu: The Price SHIB Must Reach to Make $1,000 Turn to $1 Million
Bitcoin has more power than US Dollar, says venture capitalist
Draper explained how Bitcoin will win the race in the end, as the US Dollar is being controlled by the Feds and the US government. He stressed BTC’s transparency and that no government or entity can control blockchain technology. “Bitcoin might be worth an infinite amount of USD,” “He said”
Please Read This: PEPE Hits Key Bollinger Zone: Another 20% Rally Incoming?
Venture capitalists added that the transparency of Bitcoin, and distrust for the US dollar make BTC an asset to be trusted. “Bitcoin, on the other hand, will continue to have open and transparent record-keeping and be easy to store,” He was of the opinion that.
Analyst also stressed gold, and denied that Bitcoin or the US Dollar could be replaced by it. Gold standard is a thing of the past, and BTC is the way to go. “And forget gold. Gold doesn’t play in the same league as Bitcoin. It has real challenges around storage and transportation.”
Please Read This: De-Dollarization: Warren Buffett Says the U.S. Dollar Is Going to Hell
Draper said that if the US financial system collapses and the people rush into the banks to get cash, then those with Bitcoin could be the ones who rule. “So if the system breaks down you don’t want to be the one clamoring to withdraw cash from the bank or hoarding gold in your room. You want to have enough bitcoin to hold you and your family over for six months to a year. Or, if hyperinflation happens, that bitcoin might last a lot longer,” He summarized his thoughts.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
