With a bank account value exceeding into the billions, venture capitalist Tim Draper says he worries about his money and is slowly moving all his cash into bitcoin.
“My money is at risk in banks. They’re being hacked all the time,” Draper tells FOX Business. “Bitcoin is probably the most secure of currencies right now.”
Draper, the founder of Draper Associates and an early internet investor who built his fortune betting big on startups like Hotmail, Skype and Tesla, says blockchain and cryptocurrencies are going to surpass anything that the world has ever seen before and cause “the biggest change in the history of the world.”
“I see [this shift] happening faster than anybody ever imagined. I think within four years, around 2022, bitcoin is going to hit $250,000,” he says.
According to CoinMarketCap, the current price of bitcoin is around $8,300.
He says the increase will be pushed by the public who are going to eventually recognize that they want a global decentralized secure currency.
“Over time, when they start taking bitcoin, I’m going to be pretty much moving everything [out of the banks]. There is no reason to hold on to shells, when you’ve got gold,” he says.
And while he recognizes most people don’t have the share cash to invest in cryptocurrencies like he does, he still urges people to try to invest what they can.
“I think it's probably worth it to just take a small amount of money, something you can lose and just go and try because all of sudden you will start to see the future and see that this is where it’s going.”
Draper believes the new technology will make fiat currencies obsolete and break down artificial borders between countries.
“I’ve already made a prediction that in five years, we will try to go in and buy a coffee using fiat money and the barista will laugh at you.”