During a recent interview with Ethereum Classic Labs, American Venture Capital Investor, Timothy Cook Draper expressed his uneasiness with Ethereum, while also praising the blockchain reports CCN.
What troubles the investor who is popularly known for his $250,000 prediction for the crypto giant, Bitcoin [BTC], is Ethereum’s issuance rate of two to four percent yearly.
In particular, he feels like everything is in Founder, Vitalik Buterin’s hand, stressing that he seems to have all the decision-making power. Here’s as per his quote:
“[Buterin] can just arbitrarily say, ‘hey, we’re just going to print 10% of this sh*t […]’ He may not but whoever follows him might. That’s the part I don’t like […] The whole point is to be decentralized.”
These comments come from the fact that Ethereum is moving from Proof-of-Work to Proof-of-Stake, ultimately leading to a reduced token issuance rate.
All this being said, Draper has always been a big supporter of smart contracts, which Ethereum is more or less known for. While he is aware of its likes on Bitcoin’s blockchain, he stressed the fact that it couldn’t have been possible if it weren’t for Ethereum, who initially paved the path.
Draper is expecting blockchain technology’s impact to expand over time. Industries such as banking and finance have already witnessed the efficiency that arises from the integration of blockchain technology. However, the investor wants to see more, mentioning the likes of the real estate, health and insurance sectors’ use of blockchain.
Towards the end of the interview, Draper shared his viewpoint on Bitcoin, where he proposed the best time for making investments. He believes that any time beats not investing at all. More specifically:
“People say, ‘Oh I wish I’d gotten in before.’ I think that’s wrong-headed. They’re going to look back as say either I did, or I could have gotten in on that ground floor when it was $8K.”
Draper also noted that before Bitcoin can reach new heights, investors can expect to see its value fluctuate or even drop, as the rise in Bitcoin puts banks in danger – hence investors should predict some manipulation from the latter’s end.