Venture capitalist Tim Draper issued a stark warning about the future of fiat currency on May 31 on social media platform X, weighing in on a growing debate within the bitcoin community. Draper, known for his longstanding support of cryptocurrency, said the U.S. dollar is rapidly losing value and predicted a major shift in retail behavior. His comments followed a post from Swan Bitcoin discussing the renewed divide between BTC as a store of value and as a medium of exchange. Draper wrote:

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.

The Swan Bitcoin thread on May 30 referenced Jack Dorsey’s recent comment questioning the long-term relevance of BTC if limited to a store-of-value role, reopening a central debate within the community. Strategy’s co-founder and executive chairman, Michael Saylor, addressed the topic at Bitcoin 2025 by comparing BTC’s role to that of gold in the 19th century, suggesting it will redefine the concept of cash in the modern era. Analyst Lyn Alden noted that while bitcoin functions as both a store of value and a medium of exchange, its adoption should prioritize the former. Lightspark CEO David Marcus pointed to the current use of the cryptocurrency in real-time payments.

Earlier this month, Draper drew a parallel between the Confederate dollar—whose value collapsed from 1:1 with the U.S. dollar to over 10 million to 1 during the Civil War—and current risks facing the U.S. currency. He noted the U.S. Dollar Index is having its worst start in four decades and warned that escalating geopolitical tensions could further erode trust in the dollar. Arguing that its transparent ledger and ease of storage offer advantages over gold, which he described as difficult to store, transport, and use for transactions, Draper said:

Bitcoin might be worth an infinite amount of USD.

He pointed out that some governments are already including bitcoin in their reserves and advised individuals to hold enough to cover six months to a year in case of systemic collapse or hyperinflation.

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