Bitcoin bull Tim Draper has predicted that by 2022, coffee lovers will be routinely buying their fix at Starbucks using bitcoin and other crypto assets.
In a podcast interview with NBC Bay Area, Draper said that the cryptocurrency is on the verge of making the US dollar redundant:
“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrency. They’ll laugh at you – it will be like the old lady paying out with pennies.”
Interestingly, 2022 seems to have a special place in Draper’s life. It is also the year he has projected that bitcoin will hit a price of $250,000.
Currently, the cryptocurrency is trading at around $3,900 after struggling to break above the $4,000 level several times.
While the $250,000 price target may seem outlandish, a prediction Draper made in September 2014 that bitcoin would reach $10,000 before the end of 2017 came to pass, seemingly against all odds. At the time of making the prediction, bitcoin’s price was less than $425.
Last November, Draper predicted that eventually, cryptocurrencies will comprise about two-thirds of all the world’s currency value. This will materialize as adoption grows, he told Forbes:
“Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less. I mean, just by that alone, just that they cost you less, it’s going to be better for people. And so they’re going to move to crypto, and they’re going to go away from the political currency—they call it fiat.”
Also in 2018, Draper told Fox Business that cryptocurrencies and blockchain technology will be more transformative than the internet. While the internet disrupted the entertainment, information, and communication sectors, Draper argued, crypto and blockchain technology will overhaul finance.
“This is going to be the biggest change in the history of the world and it’s so exciting. I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.”
Draper, who purchased around 40,000 bitcoins that had been confiscated by the U.S. Marshalls Service in 2014, has also repeatedly said he has more trust in the cryptocurrency than banks, according to The Street:
“In fact, I am more confident in my Bitcoin than I am in the U.S. dollars in Wells Fargo.”
Draper sees banks playing no role in his future, as he will completely shift to cryptocurrencies, per Fox Business:
“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.”
As for his contribution to deepening bitcoin’s reach in everyday transactions, a few months back Draper invested $1.25 million in OpenNode, a cryptocurrency payment platform. OpenNode’s mission is to enhance the use of cryptocurrencies at retailers such as Amazon, Subway and Starbucks, per the Observer.
Starbucks, meanwhile, possesses an equity stake in bitcoin startup Bakkt and has committed to helping the company develop software that allows crypto users to seamlessly convert their funds to fiat for purchases at Starbucks and other merchants. The coffee giant, however, says that it has no plans to accept bitcoin directly.
Last modified: July 2, 2020 7:32 PM UTC