PREDICTIONS. From very intelligent people so you just have to sit up and pay attention, right? How about this; people using only cryptocurrencies to pay for things…….in FIVE YEARS! No more fiat currencies. That’s the vision of venture capitalist Tim Draper who had a front row seat (and investments) in the internet when no one believed it would be viable. Tim says five years from now you might walk into a doughnut shop for that morning treat, try to pay with a government “backed” currency and be laughed out of the shop. “No dollar, only bitcoin”. This vision, coupled with the prediction of Som Seif (Canada’s ETF king) that ETF’s will be obsolete in five years, certainly portends a whole lot of changes are-a-coming. It is certainly going to be a very VERY exciting time. Oh, by the way, to keep up with all those exciting changes just read FintekNews (non-paid promotional…..damn).
(Bill Taylor/Managing Editor)
“One of the earliest investors in the internet expects that bitcoin and other cryptocurrencies will be the primary means of payment in five years.
“In five years you’re going to walk in and try to pay fiat [a government-backed currency like the U.S. dollar] for a Starbucks coffee, and the barista is going to laugh at you, because they’re going to say, ‘What is this? Are you counting out pennies? Give me shells?’ venture capitalist Tim Draper said Tuesday on CNBC’s “Fast Money.”
“They’re not going to use fiat. Five years from now, none us of will be,” Draper said. “Because all of this engineering effort, all that excitement, this focus is really on bitcoin and all of the cryptos around it. And I think that’s what we’re all going to be using and paying with.”
Starbucks’ Executive Chairman Howard Schultz has hinted in the last two months about how the company may use the blockchain technology behind cryptocurrencies for a consumer payments application.
“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,” Schultz said last week on Fox Business, echoing remarks from a January conference call…”