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.<\/p>\n
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.<\/p>\n
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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.<\/p>\n
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.<\/p>\n
In his recent interview, he described how Bitcoin can change the insurance industry.<\/p>\n
\"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.\"<\/p>\n
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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.<\/p>\n
The billionaire explained that more people could die from a crumbling economythan from the actual virus.<\/p>\n
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