Bitcoin [BTC] will be used to purchase coffee at Starbucks by 2022: Tim Draper

Bitcoin bull Tim Draper has always predicted soaring highs for the top cryptocurrency, but now he has veered from his valuation prediction to one that …

Bitcoin bull Tim Draper has always predicted soaring highs for the top cryptocurrency, but now he has veered from his valuation prediction to one that hinges on adoption. The billionaire predicted that the coffee chain, Starbucks Coffee, will accept Bitcoin in another three years.

With cryptocurrency adoption increasing with each passing day, the relevance of fiat is dwindling, according to Draper. To his above prediction, he added that if one was to pay for their frappuccino with fiat currency, they would be laughed at.

Coincidentally, Draper’s crypto-coffee revelation comes in the same year, 2022, as his $250,000 price prediction of the top cryptocurrency. If his prediction does come to fruition, the price of a Venti frappuccino will be 0.00178 percent of Bitcoin’s price in 2022.

What should be noted about Draper’s prediction, however, is not the price or the purchase of a $3 coffee with a $250,000 financial asset, it is the valuation drive. The Bitcoin mogul predicted a retail acceptance of the top cryptocurrency, which will be a massive driver for adoption, and given Starbucks’ reach to international markets, this adoption drive will not be isolated.

Currently, Bitcoin is seen more of a store of value and by some, as a ‘risky bet,’ but not a lot of people outside the cryptoverse see digital assets as a means for retail payments. Certain cryptocurrencies like XRP have broken that barrier, and have been used in payments, but more in the banking and institutional finance fields and less in retail.

Draper’s claims will provide impetus to the cryptocurrency industry to develop more platforms that help push Bitcoin and other cryptocurrencies into traditional markets.

Furthermore, the venture capitalist believes that Bitcoin could be the store of value for more than two-thirds of all the world’s wealth, which equates to a lot of frappuccinos.

Starbucks joined Microsoft, the Boston Consulting Group and others in backing the Bakkt project, a digital assets platform spearheaded by the Intercontinental Exchange. The coffee chain is touted to play a huge role in encouraging customers to opt for mobile payment as opposed to credit cards, adding fuel to the Draper prediction fire.


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Starbucks Will Laugh if You Still Use Cash in 3 Years: Bitcoin Bull Draper

Bitcoin bull Tim Draper has predicted that by 2022, coffee lovers will be routinely buying their fix at Starbucks using bitcoin and other crypto assets.

Bitcoin bull Tim Draper has predicted that by 2022, coffee lovers will be routinely buying their fix at Starbucks using bitcoin and other crypto assets.

Draper: Bitcoin Will Dominate Starbucks Transactions

In a podcast interview with NBC Bay Area, Draper said that the cryptocurrency is on the verge of making the US dollar redundant:

“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrency. They’ll laugh at you – it will be like the old lady paying out with pennies.”

Interestingly, 2022 seems to have a special place in Draper’s life. It is also the year he has projected that bitcoin will hit a price of $250,000.

Billionaire Tim Draper Sets $250,000 Bitcoin Price Target for 2022 https://t.co/V8jtTYL4oZ

— GigaɃitcoin (@GigaBitcoin) April 13, 2018

Currently, the cryptocurrency is trading at around $3,900 after struggling to break above the $4,000 level several times.

Tim Draper, bitcoin priceTim Draper, bitcoin price

Tim Draper is confident that the bitcoin price will surge over the next three years. | Source: Yahoo

Was Tim Draper’s Bitcoin Price Prediction of $10,000 in 2017 by Luck or Insight?

While the $250,000 price target may seem outlandish, a prediction Draper made in September 2014 that bitcoin would reach $10,000 before the end of 2017 came to pass, seemingly against all odds. At the time of making the prediction, bitcoin’s price was less than $425.

Last November, Draper predicted that eventually, cryptocurrencies will comprise about two-thirds of all the world’s currency value. This will materialize as adoption grows, he told Forbes:

“Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less. I mean, just by that alone, just that they cost you less, it’s going to be better for people. And so they’re going to move to crypto, and they’re going to go away from the political currency—they call it fiat.”

Blockchain and Crypto to be More Disruptive than the Internet

Also in 2018, Draper told Fox Business that cryptocurrencies and blockchain technology will be more transformative than the internet. While the internet disrupted the entertainment, information, and communication sectors, Draper argued, crypto and blockchain technology will overhaul finance.

“This is going to be the biggest change in the history of the world and it’s so exciting. I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.”

Tim Draper – Long Bitcoin, Short the Bankers!

Draper, who purchased around 40,000 bitcoins that had been confiscated by the U.S. Marshalls Service in 2014, has also repeatedly said he has more trust in the cryptocurrency than banks, according to The Street:

“In fact, I am more confident in my Bitcoin than I am in the U.S. dollars in Wells Fargo.”

Draper sees banks playing no role in his future, as he will completely shift to cryptocurrencies, per Fox Business:

“Over time, when they start taking bitcoin, I’m going to be pretty much moving everything [out of the banks]. There is no reason to hold on to shells, when you’ve got gold.”

As for his contribution to deepening bitcoin’s reach in everyday transactions, a few months back Draper invested $1.25 million in OpenNode, a cryptocurrency payment platform. OpenNode’s mission is to enhance the use of cryptocurrencies at retailers such as Amazon, Subway and Starbucks, per the Observer.

Starbucks, meanwhile, possesses an equity stake in bitcoin startup Bakkt and has committed to helping the company develop software that allows crypto users to seamlessly convert their funds to fiat for purchases at Starbucks and other merchants. The coffee giant, however, says that it has no plans to accept bitcoin directly.

The Day Is Coming When Businesses Will Laugh at You If You Don’t Use Bitcoin: Tim Draper

Draper said that Bitcoin would spread its roots so deep into the broader … on the economics front, Draper continues to hold Bitcoin in high regards.
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One of the most vocal Bitcoin evangelists out there, Tim Draper is never shy of making bold predictions about the future of digital assets.

Sure, not all of his recent predictions have hit the bull’s eye, but let’s not forget that he was one of the few industry heavyweights who could see Bitcoin hitting $10k by the end of 2017 from quite some distance.

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Draper, a third-generation American venture capitalist, has come out again making optimistic forecasts about the future of the asset class. In a recent conversation with NBC Bay Area’s podcast Sand Hill Road, he prophesied that Bitcoin would take over all other forms of payments in as little as four years.

Soon People Will Be Buying Coffee Using Bitcoin

For those out of the loop, Draper recently went on record saying that Bitcoin will render fiat an obsolete mode of transaction pretty soon. He reiterated that claim again in the recent interview.

Draper said that Bitcoin would spread its roots so deep into the broader financial ecosystem that people will be using it to make their everyday purchases by 2022. Even for buying a coffee at Starbucks, he optimistically pointed out.

Going a step further, he then said that some businesses would even laugh at a customer if they pay with fiat or some other forms of payment.

“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using Bitcoin or other cryptocurrencies. They’ll laugh at you – it will be like the old lady paying out with pennies.”

Readers may recall that Draper had previously claimed that Bitcoin would hit the $250k milestone by 2022.

Serious winds (of change) at our block (chain) party last night. Predicting bitcoin at $25k by 2022.

— Tim Draper (@TimDraper) April 13, 2018

Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!

— Tim Draper (@TimDraper) April 13, 2018

When asked how would it be feasible to use a coin worth $250,000 to buy a cup of coffee, the unapologetic Bitcoin bull said that it would be only a “temporary problem.”

“That’s a temporary problem. There is a market for bitcoin right now. People are buying and selling bitcoin, and they are buying and selling things and services with bitcoin. As it spreads, it will go up in value. And it is spreading.”

Bitcoin Is One of the Greatest Technological Advances in History

Unfazed by the lingering setback on the economics front, Draper continues to hold Bitcoin in high regards. He thinks it is:

“One of the greatest technological advances humanity has ever seen.”

“ [….] it can make a bigger change in society than any of us ever imagined,” he added.

Of course, Draper’s optimistic outlook is far from being widely accepted. Many think his forecasts are through and through over-the-top, or at the least, somewhat exaggerated.

On a related note, Eugene Kaspersky, CEO of cybersecurity firm Kaspersky Lab, recently discussed at length about the future of digital currencies in his interview with Arabian Business. Kaspersky said that while cryptocurrencies are, in general, a great concept, the world is just not quite ready for them yet.

He noted that while digital currencies are definitely the future, it is practically impossible for the current lots (including Bitcoin) to replace the existing financial system.

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Tim Draper: Cryptocurrencies Will Replace Cash; Calls Attacks On Holmes “A real setback for …

McGrew and Draper discuss the future of cryptocurrencies, including Bitcoin. Draper asserts cryptocurrencies will supplant all other forms of payment …

Venture capitalist billionaire Tim Draper tells NBC bay area that cryptocurrencies will replace cash in four years

sand hill road
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Draper sits down with NBC Bay Area Technology Reporter Scott McGrew for “Sand Hill Road” podcast to make predictions for Bitcoin and discuss Theranos founder Elizabeth Holmes

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Q4 hedge fund letters, conference, scoops etc

SAN JOSE, CA – (March 7, 2019) – In this week’s episode of NBC Bay Area’s podcastSand Hill Road, business and tech reporter Scott McGrew sits down with billionaire investor Tim Draper who makes more predictions for the cryptocurrency Bitcoin and stands by his defense of Theranos founder and CEO, Elizabeth Holmes.

McGrew and Draper discuss the future of cryptocurrencies, including Bitcoin. Draper asserts cryptocurrencies will supplant all other forms of payment in four years. He tells McGrew that some businesses “will laugh at you” if other forms of payment are used.

On Holmes, Draper – who invested $1 million in Theranos – reveals why he hasn’t paid much attention to all the reports and evidence documenting Holmes’ transgressions and defends her. “I thought why would I follow that person?” he says about John Carreyrou’s first Wall Street Journal article that raised doubts on Theranos. “I’m going to follow people who do deep research and really understand things, not people who have an agenda and want to take down an entrepreneur.” Draper ends his comments on Holmes by saying “this attack and vicious rumor mill to try to take down Elizabeth Holmes has been a real setback for humanity.”

Sand Hill Road is a new weekly podcast hosted by NBC Bay Area/KNTV business and tech reporter Scott McGrew, featuring interviews from the heart of Silicon Valley with the venture capitalists, start-ups, and innovators behind the trending technologies of tomorrow.

The podcast takes its name from the street in Menlo Park known as the “Main Street” of the venture capital industry, and home to some of Silicon Valley’s most prestigious venture capital firms that have invested into the likes of Facebook/Instagram, Alphabet, Inc., and Twitter.

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Here Are The Theranos Investors Who Lost Millions

Another backer, Tim Draper of venture capital firm Draper Fisher Jurvetson, was Holmes’s neighbor growing up. Beyond being one of Theranos’s first …

By now, many of us are familiar with the story of Elizabeth Holmes and her late biotech startup, Theranos. And while it’s easy to write the whole story off as the work of a troubled person, the truth is: Theranos, at its inception, had a groundbreaking idea, one that many well-respected people invested millions into.

Theranos’s blood-testing method — which promised to detect a range of illnesses with just a prick — was designed to be as small, compact, and lightning-fast as possible because, the story went, Holmes and her mother were both terrified by needles. The technology — if it had been realized — would have revolutionized the healthcare industry. So it’s no surprise that this idea seduced many high-profile investors.

Theranos’s earliest venture capital money came from her family ties. Through one of her father’s college friends, she was introduced to Oracle super-investor Don Lucas, who then brought Oracle founder Larry Ellison on board, according to The New York Times.

Another backer, Tim Draper of venture capital firm Draper Fisher Jurvetson, was Holmes’s neighbor growing up. Beyond being one of Theranos’s first investors, Draper continues to be one of Holmes’s most fervent defenders — even in the wake of such controversy.

According to unsealed documents from several of the lawsuits now brought against Theranos, other investors included Walmart founders the Walton family, who provided $150 million; Rupert Murdoch, who invested $125 million; and education secretary Betsy DeVos and her family, who put $100 million toward the now defunct company. Members of Atlanta’s billionaire Cox family, members of a South African diamond dynasty, and Mexican tycoon Carlos Slim also stand to suffer big losses.

While the Theranos debacle is juicy from a bystander standpoint, it’s clearly been financially devastating for those who bought into the hype. According to Greg McNeilly, chief operating officer of Windquest Group, Betsy DeVos and her husband’s holding company, “The investment was made by many members of the DeVos family. To say they’re highly disappointed in Theranos as a company and an investment is an understatement.”

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