Bitcoin May Replace the U.S. Dollar in 10 Years, Says Tim Draper

Cryptocurrencies are receiving considerable support from investors worldwide, including famous investors. Even Donald Trump, the former president of the U.S., is in the favour of cryptocurrencies.

Bitcoin, which has seen a downfall during the COVID-19 period, is now going up. Last week, Bitcoin reached $100,000 for the first time.

Billionaire Tim Draper said that Bitcoin will replace the U.S. dollar in the next 10 years. He thinks Bitcoin's price could reach $250,000. Draper believes Bitcoin will be the main money used around the world. This means the price of Bitcoin could go up a lot in the next decade.

Some U.S. experts think Bitcoin is challenging the U.S. dollar. They also think it could change U.S. economic plans.

Experts on Wall Street are worried. They think if the U.S. debt keeps growing, the world economy could fall. People are also asking if Bitcoin is safe.

In 1989, U.S. debt was three times bigger than the country's economy. Today, the U.S. spends $952 billion just to pay interest. This is more than the U.S. spends on defense. Because of this, Draper thinks the value of the dollar will fall, and Bitcoin is a better choice.

Larry Fink, the CEO of BlackRock, also warned about the U.S. national debt. He says it is a big threat. Fink thinks that if the U.S. can't fix its debt, Bitcoin and other cryptocurrencies might replace the dollar.

Right now, the U.S. debt is $36.2 trillion. Before Trump became president, he promised to reduce the debt. To help with this, a special team led by Elon Musk was made to cut costs.