Venture capitalist Tim Draper has renewed his case for Bitcoin with a stark warning for people who hold traditional money. In a post on X, the billionaire said the spread of Bitcoin payments
Venture capitalist Tim Draper has renewed his case for Bitcoin with a stark warning for people who hold traditional money.
In a post on X, the billionaire said the spread of Bitcoin payments could eventually shake confidence in the dollar and trigger a run on banks.
“I’ve said it before and I’ll say it again. It’s irresponsible to not own Bitcoin. First, companies will say, we accept Bitcoin. Then, they’ll say, we only accept Bitcoin.” Draper wrote.
Draper described the shift as a sequence. Companies will first announce that they accept Bitcoin, then that they accept only bitcoin. At that point, he argued, public trust in fiat money would break down.
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“Then people will not value dollars or fiat, and there will be a run on the banks,” he said.
He called the change permanent. “Eventually, the world will never be the same,” Draper wrote.
In his view, individuals and companies that prepare early will come out ahead, while those stuck with legacy currency will not.
"The individuals and companies that are ready for the seismic shift will come out ahead. Those that are left holding legacy currency will not," he said in the post.
The view is consistent with his past calls. In Sept, Draper repeated his forecast of $250,000 for Bitcoin in about two years, pointing to the 2028 halving, which will cut the rewards miners receive.
Not everyone is ready to make that bet without caveats.
Kevin O’Leary, who still owns Bitcoin, says the asset has plateaued because institutions want regulatory clarity before investing and because quantum computing worries some investors.
O’Leary said Bitcoin could reach $1 million, but only “if it can resolve the doubt creeping in around quantum computing.” He was referring to Q-Day, the point at which quantum machines could break the encryption that secures blockchains.
On regulation, O’Leary said he expects crypto legislation to return after the CLARITY Act’s Senate setback, though not before the midterms.
Draper’s scenario depends on merchants moving first, and nothing suggests that has happened at scale.
For now, the warning remains a prediction, and the unresolved risks O’Leary describes are still in play.
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