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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 make a 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 convinced that Bitcoin, not banks or governments, will be able to save the day once this crisis is over.
Bitcoin is set to thrive
As reported by U.Today, Draper famously predicted that the Bitcoin (BTC) price could skyrocket to $250,000 by 2023 after it secures a five percent share of the currency market. Given that the flagship coin is changing 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."
The fear is worse than the virus
On March 14, Draper criticized world governments for their approach to dealing with the coronavirus. Italy, France, and plenty of other countries are under lockdown with all non-indispensable businesses being closed.
The billionaire explained that more people could die from a crumbling economy than from the actual virus.