Bitcoin Bull Tim Draper says highly regulated countries become poor; shift from fiat to crypto inevitable

Tim Draper, an American venture capital investor and a strong believer in crypto, made another bullish claim suggesting that a flip from fiat currency to Bitcoin and other cryptocurrencies will take place in a couple of years. The Government would eventually have to give up control and be the service provider, he added.

Draper was of the opinion that regulators impede any development in the space by hindering innovation. Citing China as an example of exercising control and imposing strict rules on crypto use, the Bitcoin bull asserted that high regulations push a country deeper into poverty.

In a recent interview with TheBitcoinOfCryptoStreet, Tim Draper said that the best thing about cryptocurrency is the fact that they are not under government control. With the emergence of a new wave of digital asset businesses, Draper asserted that a switch in mindset was needed.

“How do I attract citizens to my government? As opposed to you live here, you work for me.”

According to him, the Japanese government is one of the few to have come to the realization and have attracted a pool of entrepreneurs, businesses and money in the country. He said,

“I think they need to recognize that the world is now open and as a government, you have to serve your people instead of the other way around.”

Draper also believes that people will no longer want to hold government-issued traditional money. With an existing alternative that is decentralized and not government-tied, people will eventually head towards Bitcoin and other cryptocurrencies.

Talking about the transition period from Dollar to crypto assets, Draper said that it would probably take a few years for engineers to build the required ecosystem. He also admitted that people who are older than 35 years would probably choose fiat over the new digital wave, while the younger generation would believe Bitcoin to be more valuable than the former.

The billionaire investor, who is also an altcoin-backer, said that he invests in altcoins which are tied to a lot of work. His investments are encouraged by new technology and the team working behind it, he added.

Draper was previously in the news after he predicted that the American coffee house chain, Starbucks, will accept Bitcoins in the next three years, fuelling massive adoption.