Billionaire venture capitalist Tim Draper thinks the ultimate impact of cryptocurrency will stretch far beyond the world of finance.
The Draper Associates founder tells high-profile crypto trader Scott Melker that while there may be “fits and starts,” he thinks BTC’s price will continue to rise as Bitcoin radically changes those various elements of society.
Specifically, Draper says crypto will reshape finance, insurance, government and healthcare. Bitcoin’s impact on finance, he explains, will reduce corporate expenses on accounting and legal help.
“We’ve got a combination of technologies that are going to transform not just banking, but finance. I can imagine a time where I raise a fund just in Bitcoin, invest it all in Bitcoin, have the companies pay their employees and suppliers all in Bitcoin, have that all be a walled garden where taxes are taken out… in Bitcoin. And it requires no friction. It requires no accounting, no auditing, no bookkeeping, no legal — it’s all done