In an interview on April 6, Tim Draper confirms that binds to those who trust in the age of Bitcoin (BTC) has arrived. The rapid global spread of the COVID-19 has marked a before and an after in the life of all, including the markets. The pandemic played a critical role in the dramatic fall of the stock market this year. In this way, the impact of the COVID-19 in the global economy has been fundamental. As reported, the expenses to save the world economy amounted to $7 billion USD and this figure continues to increase.
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The era of Bitcoin has arrived
Earlier in CriptoTendencia we have reported on the actions desperate that the government of the United States, and the Federal Reserve (FED) have been carried out with the aim of avoiding the crisis. For the time being, the action is based on printing a larger amount of money intended to support the stock market. In this way, Tim Draper commented that: “they’re going to print all this amount of money to try to recover the economy after that basically they have sunk”. And is that, Draper ensures that when you flood the economy with this amount of money will make this worth increasingly less. So, fundamentally you will keep having problems to stimulate the economy. What makes Tim Draper, without a doubt, a true believer of Bitcoin.
Golden opportunity for Bitcoin
Therefore, Draper suggests that many people can use Bitcoin instead. This is mainly because BTC, as most of the cryptocurrencies, has a fixed supply which mark a fundamental difference between them and the coins trust. And that is, basic economic theory suggests that this massive increase in the money supply will bring about a devaluation of the currency. “This is going to be a really interesting that people will say, ‘well, why not use Bitcoin?’ I know that there are only 21 million of them and not have to worry about whether a government is diluting its currency by printing tons of it. So, instead, we can use a currency that we all agree on that, without frictions, open, transparent and comprehensive”, says Tim Draper. Therefore, Draper concludes that Bitcoin now more than ever has the ability to flourish as people become familiar with and use its decentralized nature. This is how the era of Bitcoin is coming. “It doesn’t matter if you are from the US, China, or Russia or India or Europe or whatever, we are an open world and geographical boundaries will mean less and less”.