Draper Warns Dollar Panic Imminent: Stockpile Bitcoin Now
Tim Draper has been sounding the alarm about the U.S. dollar's potential demise for years, and his latest warning is no exception.
In a recent post, Draper drew on a childhood lesson from his father to illustrate his thesis: just as a Confederate banknote he was given as a child was essentially worthless, so too will the U.S. dollar eventually become devalued.
Draper believes that when merchants start refusing dollars altogether and demanding bitcoin instead, it will trigger a panic among dollar holders who rush to exchange their cash for bitcoin.
To prepare for this eventuality, Draper recommends 'stockpiling' enough bitcoin to keep families alive for six months, businesses to pay employees for four weeks, and governments to hold some percentage of their treasuries in the cryptocurrency.