Big Macs and lattes wish be purchased by cryptocurrencies sooner than you might think, according to chance capitalist and bitcoin fanatic Tim Draper.
“In five years, if you go to a Starbucks or McDonald’s and try to buy a burger or coffee with fiat currency, the man at the counter is going to laugh at you,” Draper told an audience Friday in San Francisco. “There’s a veritable need for a currency that’s global.”
Draper’s presentation at the Blockchain Lock Conference came by video and helped kick off a full day of panels and productions from developers and investors. The event was so crowded that people were filler up the overflow room to listen on televisions, and Draper’s video aired recently because of technical difficulties.
Draper, who backed companies including Skype and Baidu in the earlier times of the internet, has made a personal fortune on bitcoin and has more recently turned his notoriety to initial coin offerings. He said in May that he was participating in the Tezos ICO, one of the best crypto offerings of the past year. That deal has been plagued by battle, with the founders stuck in a financial battle with one of the leaders of the lob.
Draper said there will be “fits and starts” in the emergence of blockchain but throughout time it will effect “industry after industry.”