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Bitcoin has endured a number of crashes in the past week due to coronavirus outbreak, but Tim Draper is still very positive about the future of the cryptocurrency.
In an interview with 415 Stories podcast, the Venture Capitalist investor shared how decentralization powered by bitcoin could transform the world.
“Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day,” Draper wrote on Twitter while referring to his interview.
Draper is confident that bitcoin and artificial intelligence (AI) can completely transform all the industries from banking, real estate to healthcare. He even used the insurance industry as a use case example insisting that with the combined power of AI, blockchain’s smart contracts and bitcoin, one could start an insurance company.
“For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the blockchain,” Draper said.
Draper is a crypto advocate. He made bold predictions about the digital asset saying that it will hit $250,000 by the end of 2022. He even upped the amount saying that he underestimated the cryptocurrency. In February 2020, the founder of Draper Fisher Jurvetson announced that he already quit stocks for crypto.
Unlike Draper, Andrew Bailey, the Bank of England governor, is not very positive with cryptocurrency. In fact, he warned those who invested in bitcoin to be prepared to lose all their money.
“There’s no guarantee of the value of bitcoin,” Bailey said. “I’ve said publicly because we were concerned about it – if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you’ve got has no intrinsic value. It might have extrinsic value, but no intrinsic value.”
Meanwhile, Chainlink’s study showed that blockchain’s smart contracts can indeed revolutionize the insurance industry. Smart contracts offer connectivity and confidentiality. It can also be used to develop new insurance products like micro-insurance, peer-to-peer insurance, decentralized autonomous insurance pools and more.
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