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

Bitcoin will replace U.S. dollar dominance within a decade 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 is that banks can now hold your bitcoin and your fiat currency…but you don't want to be in line at the banks trying to get your dollars out to put them into bitcoin when there is a transformation.”

Bitcoin a better technology?

“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.

‘US national debt threatens Dollar dominance’

BlackRock CEO Larry Fink warns that America’s rising national debt could threaten the dollar’s status as the world’s reserve currency, potentially leading to decentralized assets like Bitcoin taking its place. He and Bridgewater’s Ray Dalio caution that if the U.S. fails to manage its debt, global confidence in U.S. Treasuries may collapse, triggering economic instability and a shift toward alternative financial systems.

With America’s national debt sitting comfortably over the $36.2 trillion mark, BlackRock CEO Larry Fink is warning the burden could one day be the reason the dollar is dethroned as the reserve currency of the world.

‘Very severe supply and demand problem’

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?

“There may be restructurings of debt, there may be exerting pressures on countries to buy the debt, to own the debt, political pressures on countries. There may be cutting the payments to some predator countries off for political reasons, there may be monetizations of debt.”

For a situation that seems beyond reality for some economists—a day when America can no longer find anyone to buy its debt—Dalio pointed them to the history books—perhaps not the books of U.S. history but of countries further afield.