Bitcoin to hit $250,000 by year-end, replace US dollar in 10 years: Wall Street experts

Within a decade, bitcoin will replace U.S. dollar dominance and become the standard currency underpinning the international economy, according to billionaire venture capitalist Tim Draper. “10 years, something like that. It may be a little less,”Draper said in a wide-ranging Spotlight interview with CoinDesk.

“The good news here isthat banks can nowhold your bitcoin and your fiat currency…but you don’t want to be in line at the bankstrying to get your dollars out to put them into bitcoinwhen there is a transformation.”

“The national debt has grown at three times the pace of GDP since Times Square’s debt clock started ticking in 1989. This year, interest payments will surpass $952 billion—exceeding defense spending. By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit. This, in turn, would lower the dollar’s value and dismantle some of Uncle Sam’s economic firepower.

Draper views bitcoin as a better technology and software that will replace banks and government-issued currency. At an early age, he learned there is precedent in the U.S. for currency crisis when hisfather gave him a million dollar confederate bill that was essentially worthless.

As Fink puts it: “To be clear, I’m obviously not anti–digital assets. But two things can be true at the same time: Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent.

“Yet that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.”

Billionaire investment titan Fink isn’t the only person concerned about what might happen if America runs out of people to buy its growing debt.

Bridgewater founder Ray Dalio issued a similar warning a few weeks ago, saying the national debt crisis is coming “imminently.”

Speaking at Converge Live in Singapore, the Bridgewater founder explained: “We have a very severe supply and demand problem. Some people think we’ll handle it because we’ve handled it so far. I don’t think they understand the mechanics of debt.

“What do you do when you don’t have an adequate supply and demand balance?