Elon Musk backer Tim Draper says Bitcoin will rule retail — dollar's days may be numbered, he warns
Tim Draper's Prediction About Bitcoin
The dollar is going extinct.
People will rush to spend it as it loses value.
Retailers will soon prefer Bitcoin. And when they do, that's when people will start spending Bitcoin. https://t.co/nSBGfAkEMK — Tim Draper (@TimDraper) May 31, 2025
Live Events
US Dollar Under Pressure
Bitcoin Surges
It is the dollar that is volatile as it slowly becomes worth less and less. One bitcoin is worth one bitcoin. The dollar drops about 50% per year or more against bitcoin. — Tim Draper (@TimDraper) June 2, 2025
FAQs
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Billionaire venture capitalist Tim Draper, who invested in Tesla and SpaceX when they were just starting out, is ringing the alarm on the future of the US dollar and putting his bet on Bitcoin to become even more dominant compared to the US dollar, as per a report.The fund manager warned in a social media X (previously Twitter) post, "The dollar is going extinct," adding, "People will rush to spend it as it loses value. Retailers will soon prefer Bitcoin. And when they do, that's when people will start spending Bitcoin," as per his X post.Draper has been an outspoken Bitcoin supporter for a long time and has invested in some of the biggest crypto players, including Coinbase and Robinhood, according to The Street. His recent comments are based on an increasing conviction among crypto believers that Bitcoin is safer than the US dollar.ALSO READ: Bitcoin creator Satoshi Nakamoto may soon be richer than Warren Buffett, and Zuckerberg could be next While his warning may sound too dramatic, it comes at a time when the US dollar index (DXY), which measures the value of the dollar relative to a basket of foreign currencies, was at 98.69 as of June 3, reported The Street.According to the report, the index has been facing trouble staying above the 100 level since US president Donald Trump started the tariff war on April 2.While, Bitcoin reached its all time high price of $111,970.17 on May 22, even though the coin suffered due to the tariff war, as per The Street. According to Kraken's price feed data, Bitcoin was trading at $104,363.12 as of June 3, reported The Street.Draper also wrote in response to a comment on X, "It is the dollar that is volatile as it slowly becomes worth less and less. One bitcoin is worth one bitcoin. The dollar drops about 50% per year or more against bitcoin," as per his X post.It has dropped to 98.69 and has been struggling to stay above 100 since April 2 due to trade tensions.Yes, he has invested in Coinbase, Robinhood, and other major crypto platforms, as per The Street.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
MSRDC wants to make Mum-Pune E-way 10-lane superhighway
Pune: MSRDC wants to transform the Mumbai-Pune Expressway into a 10-lane superhighway to tide over traffic snarls and cater to the future demands of vehicular movement along the corridor, one of the busiest in the country. "This is an upgrade from our earlier proposal to make the expressway an eight-lane facility. The latest upgrade will cost around Rs1,420 crore. The DPR is being finalised and will be submitted to govt for approval," Maharashtra State Road Development Corporation (MSRDC) vice-chairman and managing director Anilkumar Gaikwad told TOI on Friday. Inaugurated in 2002, the expressway is a 94.6-km stretch connecting the bustling metropolis of Mumbai to Pune, Maharashtra's industrial and educational hub. It currently carries an estimated 65,000 vehicles daily during weekdays. The number increases to over 100,000 during weekends. With traffic volume increasing by approximately 5-6% on a year-on-year basis, the MSRDC's proposed expansion is seen as a long-term solution to the congestion. The latest project involves widening of the current infrastructure. While the construction cost is expected to be around Rs8,440 crore, the overall average cost of the project will be Rs 14,260 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรด Bitcoin และ Ethereum - ไม่ต้องใช้กระเป๋าเงิน! IC Markets เริ่มต้นตอนนี้ Undo "Instead of seeking funds from govt, we will bank on toll collection," Gaikwad said. The financing model — whether Build-Operate-Transfer (BOT) or annuity — is yet to be decided. The current toll collection for the Pune-Mumbai Expressway is valid till 2045. MSRDC would seek an extension if the expressway widening gets approval to make the project self-sustaining. At present, the journey between Mumbai and Pune takes about two hours under normal conditions. However, weekend rush hours and holiday traffic can stretch that drive by an additional hour. According to MSRDC, the proposed expansion could virtually eliminate this extended travel time, offering smoother rides even during peak periods. If approved and executed as envisioned, the expansion could become one of India's most ambitious road infrastructure upgrades — a critical step toward matching the country's rapid growth in vehicle ownership with high-capacity transit corridors, an MSRDC official said. MLA Mahesh Landge has in a social media post recently said the expansion would ensure necessary respite from traffic congestion on the e-way. "This is a long-awaited demand. The expansion is needed considering the heavy traffic along the e-way," he told TOI. People frequently travelling on the e-way are of the view that the state govt should not delay in the expansion work and carry out the project in phases to ensure that there was no traffic congestion. "Frequent traffic snarls are becoming an impediment for travellers. The expansion proposal should be immediately cleared and work should commence," said Manisha Khandekar, a frequent traveller. The expressway — which begins at Kalamboli in Navi Mumbai and ends at Kiwale near Pune — is India's first access-controlled express highway. While work on the 13-km "missing link" project is on, which will facilitate 10 lanes in the Khandala Ghat section, the proposed expansion would cover the remaining 67km of the route. According to MSRDC, land acquisition challenges were expected to be minimal. "MSRDC already holds land adjacent to most parts of the existing expressway. Only limited additional land near tunnels will be needed. These land parcels are near the tunnel zones," said an official involved with the project. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
&w=3840&q=100)
India.com
4 hours ago
- India.com
Amid White House Peace Push, Trump Calls Musk Mentally Gone; But Is Elon Even Listening?
New Delhi: Just a day after X (formerly Twitter) lit up with signs of a possible ceasefire between the two alpha billionaires of American influence, US President Donald Trump has poured cold water over any reconciliation talk. Asked by ABC News if he would speak to Musk after their very public clash, he scoffed, 'You mean the man who has lost his mind? I am not particularly interested in talking to him.' Classic Trump, doubling down even when the temperature seems to be cooling. There is an odd symmetry here. Musk, who had just hinted at making peace – replying 'You are not wrong' to billionaire investor Bill Ackman's call for the two to settle their feud for the sake of the nation – now finds himself ghosted by the very man he might have tried to reach out to. 'I am not even thinking about Elon. He has got a problem, the poor guy has got a problem,' Trump told CNN with dismissive finality during a June 6 interview. And while the White House reportedly flirted with the idea of brokering a peace call, as per Politico, other sources quickly knocked that down – saying no such call had been scheduled. So now, America's two most powerful disruptors remain locked in a bizarre standoff that is half-reality TV and half-national policy debate. This feud is not only personal, it is political and economic. It started when Trump lashed out during a White House appearance, accusing Musk of betrayal over criticism of his tax and spending bill. Musk hit back hard. He accused Trump's trade policies of potentially triggering a recession and even dragged the former president's links to convicted sex offender Jeffrey Epstein into the public arena. Then came the bizarre twist – Trump, clearly furious, threatened to cancel U.S. government contracts with Tesla CEO Elon Musk's companies. In retaliation, Musk posted that he would 'retire' the Dragon spacecraft – a vehicle crucial to NASA. The internet melted down. But a few hours and likely a few backchannel calls later, Musk reversed course: 'Good advice. Ok, we won't decommission Dragon.' In this verbal space race, it is hard to tell who is steering the ship and who is punching holes in the hull. Whether this ends in detente or total decoupling remains unclear, but what is certain is this – the Trump-Musk saga has become a defining narrative of America's political tech complex where egos, economics and electoral stakes collide like celestial bodies on a crash course.
India Today
5 hours ago
- India Today
Elon Musk backtracks on threat to scrap SpaceX Dragon Capsule after Trump clash
SpaceX boss Elon Musk's warning about retiring the Dragon spacecraft turned out to be more talk than takeoff. On a day filled with high-altitude social media drama, the world's richest man briefly claimed SpaceX would decommission its Dragon capsules, a key part of NASA's astronaut and cargo transport system, only to reverse course within hours."SpaceX will begin decommissioning its Dragon spacecraft immediately,' Musk posted on X (formerly Twitter), after President Donald Trump threatened to cut off government contracts to Musk's companies, including SpaceX and was unclear how serious Musk's threat was, but several hours later — in a reply to another X user, he said he wouldn't do we won't decommission Dragon.— Elon Musk (@elonmusk) June 6, 2025 Dragon capsules are NASA's lifeline to the International Space Station (ISS), ferrying astronauts and food, science gear, and other supplies. The US space agency has relied on SpaceX since 2020 to reduce dependence on Russia's Soyuz capsules — which, by the way, still fly with at least one American now, SpaceX's Dragon remains the only US option for crew transport. Boeing's rival Starliner capsule is still grounded after a troubled test flight last year that forced two NASA astronauts to return via SpaceX's vehicle in March, nine months after agency not only contracts SpaceX to launch science missions and deliver ISS supplies, it has also tapped Musk's Starship mega-rocket to land humans on the moon later this decade. And last year, SpaceX was awarded the job of helping deorbit the ISS safely when its mission private missions depend on Dragon. Axiom Space, based in Houston, is chartering a flight next week using one of the the drama, NASA made no public comment about the brief Dragon scare.'It was unclear how serious Musk's threat was,' one observer noted — a statement that could serve as the unofficial motto of the SpaceX CEO's online for now, all systems are go. No capsules are being mothballed. No astronauts are stranded. And Dragon, like Musk's mood, is back on InTrending Reel
