Bitcoin to overtake traditional currencies within five years: Tim Draper

Picture: ABC News

Venture capitalist Tim Draper believes Bitcoin will be so “enormous” that within five years we’ll use it more than traditional fiat currencies.

Mr Draper, an early investor in the internet, made the bold prediction while speaking on CNBC’s Fast Money.

“One of my predictions is that in five years, you’re going to walk in and try to pay fiat for a Starbucks coffee and the barista is going to laugh at you,” he said.

“This is the most excited I’ve ever been as an investor, and I was right there at the beginning of the Internet.”

Mr Draper’s predictions have previously proven amazingly accurate.

“Like, when Bitcoin was $300 (I said) in three years it’s going to be $10,000.

“People were looking at me like ‘he’s totally crazy’

“Then it was three years to the day (that Bitcoin hit $10,000),” he said.

“This is going to be enormous.

“This is just the early piece of the iceberg. We haven’t found the tip of the iceberg.

“There’s so much more that can be done. Whenever there’s this kind of a new technology, all of this creativity is formed.”

But when asked by CNBC to make his latest Bitcoin price prediction, Mr Draper kept the audience hanging.

“I’m holding off on that because on April 12th we’re having a big party and I’m going to make the announcement there.”

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