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Facebook is way too late in entering the crypto game, claims Tim Draper

Arijit Sarkar



Facebook is too late into the crypto game, claims Tim Draper
Credit: flickr

The famous American venture capital investor, Tim Draper, was one of the first to trust the power of cryptocurrency, openly accepting it as a viable investment option. In one of his recent interviews, Draper shared that Bitcoin [BTC] resembled the gaming version of buying virtual swords that hold value in real money. He added,

“People are willing to take that kind of a risk for this kind of currency.”

While supporting his past crypto-investments that proved his belief in the ecosystem, Draper reminded viewers about his accurate prediction of Bitcoin [BTC] reaching $10,000 in trading value three years back. The avid investor also mentioned that while most politicians would interpret Bitcoin’s mainstream entry as progress for the society, he argued that bureaucrats see it as a threat to their existence. He added,

“Governments can also benefit from the technology for keeping perfect records and collecting taxes. Also, people get wealthier if there’s less friction to trading.”

Touching upon some of the latest happenings within the cryptospace, Draper acknowledged Facebook’s recent entry into the market, welcoming it as a great step towards the endorsement of cryptocurrency. However, he noted that there was a huge scope of improvement in Libra’s infrastructure. While explaining Bitcoin’s [BTC] stronger position in the ecosystem, he said,

“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 further envisioned that the U.S. 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. Draper also mentioned that while big shots such as Warren Buffett may not be interested in investing outside fiat markets, young people in debt of the fiat currency find cryptocurrency as the most viable option to experience financial stability.

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