Bitcoin continues to trade just over $10,000, with the resistance of $10,500. The famous billionaire, Bitcoin bull Tim Draper, focuses on the long-term trajectory of real technology.
Draper believes Bitcoin and the blockchain will transform all industries. He also explains why Bitcoin and the blockchain’s impact on society will be greater than the internet.
Draper, who invested early in Skype, Tesla, Hotmail, Twitter, Coinbase and DocuSign, reads the key features reminiscent of the investment opportunities of the 1990s in today’s seismic change.
“We were so excited when the Internet came in and we funded a lot of companies. Internet communication has changed information, gaming, and entertainment. But now we have new technologies and they start with Bitcoin. It’s a magic technology that somehow allows us to have a reliable, global currency that doesn’t depend on any political power. The technology that builds Bitcoin has other applications, for example, the blockchain allows a perfect book. It keeps excellent money tracking or keeps an excellent data record.
A smart contract is also a contract that is incorporated into the software. Therefore, you don’t have to define whether different words mean different things. We all know where the money goes. That’s why smart contracts can become a really important part of trade and business.
What’s more, on the other hand, we have all this data, and the data is becoming more important because it shows that we can do more. As data evolves, and people do this deep learning about data, they can create artificial intelligence. Based on the data and the deep knowledge they’re doing, they can generate intelligence by making decision calls.
If you start combining these technologies, they’re bigger than they are ever. You have the ability to transform finance through insurance, banking and commerce. Insurance and real estate, health, management, all of this has the potential to be completely transformed, and it’s a matter of time. I feel that these sectors are 10 to 100 times larger than those affected by the Internet. So we are taking part in a great opportunity.”