Tim Draper Says Bitcoin Is Headed for ‘Infinity’ Against Dollar as Growing BTC Payments Could Trigger Bank Runs

Venture capitalist Tim Draper projected on Tuesday that Bitcoin will go to infinity against the dollar in a fundamental global shift.Draper Confident About Bitcoin AdoptionIn an X post, Draper attached a screenshot of a March announcement about Jack Dorsey-led Block Inc. ) launching Bitcoin payments on its Square point-of-sale system.The feature lets merchants . Additionally, a "Conversion" feature will enable them to convert a portion of card sales into Bitcoin.Draper, an early Bitcoin backer, outlined a step-by-step progression for Bitcoin adoption: businesses start accepting it, then exclusively accept it, triggering bank runs and ultimately causing BTC to go to infinity against the dollar.“The world as we know it will fundamentally change forever as Bitcoin goes infinite against the US dollar,” said Draper, founder of Draper Associates.First they’ll say, "We accept Bitcoin."Then they’ll say, "We only accept Bitcoin."Then there will be a run on the banks.Then the world as we know it will fundamentally change forever as Bitcoin goes infinite against the US dollar. Read Also: The Bitcoin OGDraper’s credentials became widely recognized in 2014 when he purchased nearly 30,000 BTC for $19 million at a U.S. Marshals auction, acquiring coins previously confiscated from the now-defunct Silk Road marketplace.The billionaire investor considers his Bitcoin holdings "more secure" than the dollars he keeps in the bank, arguing that quantum computing poses a greater risk to banks than to the blockchain.Draper also likens the evolution of the financial system to the shift from horses to automobiles, suggesting that Bitcoin and other fintech innovations will gradually replace traditional banking.Price Action: At the time of writing, BTC was exchanging hands at $63,747.84, up 3.42% in the last 24 hours, according to data from Benzinga Pro. Read Also: Cathie Wood Calls Bitcoin 'Critical' Financial Infrastructure: 'Those Securing It Should Have Trusted Access to the Most Powerful AI Models' Photo Courtesy: Tim Draper