Will Bitcoin (BTC) Survive Coronavirus Crisis? Here’s What Billionaire Tim Draper Has to Say – U.Today

With the number of coronavirus cases growing at a rapid pace, there is a huge cloud of uncertainty hovering over Bitcoin's future. While markets continue to tank and central banks makea coordinated effort to ease monetary conditions, the cryptocurrency is failing to act as a hedge against this chaos.

However, Tim Draper, a billionaire venture capitalist, is convincedthat Bitcoin, not banks or governments, will be able to save the day once this crisis is over.

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As reported by U.Today, Draper famously predicted that the Bitcoin (BTC) price could skyrocket to $250,000 by 2023after it secures a five percent share of the currency market. Given that the flagship coin ischanging hands just above $5,000, this prediction seems unrealistic, but Draper actually called Bitcoin's meteoric rise in 2017 three years before it happened.

The venture capitalist has a knack for spotting disruptive companies. He was an early investor in Skype, Tesla, SpaceX, and other startups that ended up changing the world.

In his recent interview, he described how Bitcoin can change the insurance industry.

"For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the blockchain."

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On March 14, Draper criticized world governments for their approach to dealing with the coronavirus. Italy, France, and plenty of other countries are underlockdown with all non-indispensable businesses being closed.

The billionaire explained that more people could die from a crumbling economythan from the actual virus.

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Will Bitcoin (BTC) Survive Coronavirus Crisis? Here's What Billionaire Tim Draper Has to Say - U.Today