According to venture capitalist and billionaire investor Tim Draper, hamburgers and coffees can be purchased using digital currency in five years. Draper, who is also a bitcoin fan, presented his views via video at the Blockchain Connect Conference in San Francisco. The well-attended event was filled with presentations and panels from various investors and developers. He explained, “In five years if you go to a Starbucks or McDonald’s and try to buy a burger or coffee with fiat currency, the person at the counter is going to laugh at you.” He added, “There’s a real need for a currency that’s global.”
During the early days of the internet, Draper supported companies such as Skype and Baidu. He also incurred a fortune on bitcoin. Currently, he is focusing his attention on initial coin offerings. He earlier attended Tezos ICO, one of last year’s biggest crypto offerings. The deal reportedly suffered conflict due to a financial battle with one of the project’s leaders.
Draper is optimistic about the future of the digital currency. He described its current “fits and starts” beginnings as normal. But through time, he believes that it will have an effect “industry after industry.”
Back in 2014, Draper predicted bitcoin’s $10,000 price rise. By 2017’s end, bitcoin did reach the $10,000 mark. Since then, Draper has been a cryptocurrency market investor. He has funded international and regional bitcoin businesses. He was involved in the $1.6 billion bitcoin brokerage Coinbase. He also funded Korbit – a $160 million South Korean cryptocurrency exchange – and Coinplug (a bitcoin service provider). His investments were a major factor in the quick growth of bitcoin markets in South Korea and US – both of which follow close behind the world’s largest bitcoin market, Japan. He is one of bitcoin’s successful early-stage investors as he has found success in direct bitcoin investment as well as in funding venture capital bitcoin startups.