The global spread of the coronavirus played a major role in the dramatic 2022 stock market place crash. The bailout bill for saving the earth's economy is $7 trillion and rise fast. Bitcoin bull Tim Draper believes this confluence of factors may exist the tipping point that allows innovations such as Bitcoin and smart contracts to flourish.

In an interview on April 6, the global venture capital investor said he was skeptical virtually the government'south infinite money printing bailout plan and said it would have years earlier that money "permeates" the global economic system.

"They are gonna be printing all this coin to try to get the economy dorsum after they've basically tanked information technology," he said. "They are going to overflowing it with a bunch of money, and that coin is going to be worth less, and less, and less."

Draper believes people will start turning to Bitcoin equally it has a fixed supply, in stark dissimilarity to fiat which is being printed in the billions by central banks:

"This is going to be a really interesting time where people say 'well, why don't I only use Bitcoin?' I know there are merely 21 million of them and we don't have to worry well-nigh whether a authorities is diluting their currency past press tons of it, we can instead just employ a currency nosotros all concord on and it'due south all a part of the economic system and it's already frictionless and open up and transparent and global."

End of globalization? Nope

Although there is debate almost whether coronavirus may stop the tendency towards globalization over the past 25 years, Draper believes digital fiscal innovations similar Bitcoin, smart contracts and artificial intelligence will force governments to compete among themselves at the "virtual level" to bring meliorate services at "lower cost" to attract talents.

This in return volition empower people with more choices to move freely and live in a "loving" and "nicer" new global world. He added that:

"Information technology doesn't matter whether you are from the U.S, Red china or Russia or India or Europe or whatever, nosotros are an open world and then the geographic borders are going to hateful less and less."