Billionaire venture capitalist investor Tim Draper predicts that while Bitcoin and cryptocurrencies may momentarily subside, digital currencies will become an $80 trillion business in the next 15 years. At the DEALSTREETASIA PC- VC Summit on Wednesday, Draper drew direct comparisons between current downtrends in the cryptocurrency market to that of early internet technologies.
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with bitcoin),” said Draper.
The total cryptocurrency market capitalization shot up to nearly $800 billion during December of last year, before crashing back down a little over $200 billion where it currently stands. Meanwhile the ongoing debate surrounding the need for and potential value of cryptocurrencies has been thrust to the forefront of the global fintech discussion.
Draper attributes the 2018 market downturns to people not yet being accustomed to cryptocurrency, despite seeing its potential. He adds that as people begin to become more familiar with the technology, it will drastically transform industries around the world.
“I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable,” Draper explained. “The internet went after industries that were $10-100 billion dollar markets, cryptocurrency will go after trillion dollar markets – these are finance, healthcare and insurance, banking and investment banking, and governments.”
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Who is Tim Draper?
Tim Draper is considered one of the world’s most successful investors, having acquired substantial stakes in companies like Baidu Inc, Tesla and Skype. Deal Street Asia reports that upon his visit to Indonesia for this year’s summit, Draper sees good opportunities for Bitcoin and blockchain ventures in the region. Interestingly, Indonesia largely lacks any sort of modern banking industry, perhaps making it easier for a revolutionary shift towards digital currency adoption.
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