Draper’s perspective is grounded in the belief that bitcoin is a superior technology compared to traditional government-issued currencies.
According to the World Bank, around 20% of adults worldwide do not have access to banking services. Bitcoin provides these individuals with the ability to make online payments and manage their finances. It also offers a highly efficient way to send money internationally. While a traditional wire transfer might take three to five business days or longer, a Bitcoin transfer typically completes in 10 minutes to an hour, or even just a few seconds when using the Lightning Network.
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Despite Bitcoin being a 16-year-old technology, newer and more efficient blockchain innovations continue to emerge. Nonetheless, Draper believes that any new developments in the crypto space will ultimately circle back to Bitcoin.
“There’s a natural attraction towards Bitcoin. Innovations from other tokens are gradually being incorporated into Bitcoin. It’s similar to how Microsoft created its own versions of WordPerfect and Lotus 123,” Draper explained, drawing parallels to how the company developed its own word processing and spreadsheet software.
“Features like smart contracts and DeFi are transitioning to Bitcoin. Its market share has risen from 40% in 2022 to 61% today,” Draper noted. “If you’re a retailer, you’ll display a sign saying, ‘We accept bitcoin,’ rather than ‘We accept gozo coin,’ or any other currency.”
Draper expressed frustration over the federal government’s previous resistance to crypto, highlighting the importance of leveraging available technological advancements. He argued that the U.S. potentially missed out on a decade of progress, and while the current administration under Trump supports innovation, there is still a need to catch up. Many U.S. users face restrictions from numerous crypto projects, limiting their ability to receive airdrops or freely tokenize assets like others worldwide.
“After meeting with El Salvador’s leaders, I felt envious,” Draper shared. “People there understand smart contracts, build DAOs, and integrate blockchain into everything. It’s astounding. El Salvador, once among the world’s poorest nations, could transform into a thriving hub like Singapore.”
Looking ahead, Draper predicts that retailers, who are already beginning to accept bitcoin in some regions, will eventually stop taking U.S. dollars altogether.
“It might take a decade, but there will come a time when the dollar and other fiat currencies become obsolete,” he predicted.
