PBS - The Open Mind - Venture Capitalist Tim Draper & Bitcoin (excerpts from 9/26/2025 interview)

https://www.pbs.org/video/crypto-or-perish-3dqa2v/ The U.S. has capitalism and so has a real advantage. China, has a dictator, socialist, you know, communist guy. And he's taking away all the incentives for people to innovate and try things. And so he's creating sort of a culture of trying to steal a culture of people who are living in fear. And so I don't even think there's a contest. I think it's all US and all the other free nations, who are going to really benefit from this new revolution in Bitcoin. When you think of the foundations, like the rudimentary foundations of crypto and blockchain. What's most important to you as an investor in securing the technologies, and ensuring their future reliability, consistency, growth. I leave a lot of that up to the entrepreneurs. Entrepreneurs look, and they see problems, and they fill them. They know who their customers are. They love their customers. They improve the lives of their customers. And in almost, all industries, it's the entrepreneur who has filled the gap. The politician often finds a problem, identifies a problem, speaks about a problem. But the solutions generally come from the entrepreneurs and the entrepreneurs, use those solutions, to build businesses. And that is the beauty of capitalism. Most governments that haven't had their heads in the sand are recognizing that they've got to hold some bitcoin because their own currency may not last forever. And they need to be responsible for all their constituents. And so it's a fait accompli. It's coming. And it's just a better currency when there's a new technology and it's better, people use it. People aren't using, Nokia phones or Blackberries anymore because the technology is better on the Apple iPhone. The bitcoin blockchain has never been hacked. Knock on wood. But my bank got hacked, and I lost money. Banks are much easier to hack. So, I don't know why people somehow feel like their fiat currency is safer. It's not, period, it just isn't. Now, it might be safer than putting it into some obscure cryptocurrency, but it's not safer than bitcoin. Bitcoin is, I mean, I think it's the safest currency in the world. And I continue to and people continue to gravitate toward it. Bitcoin used to have a 40% market share. Then it went to 50% on the next boom bust. And now it's at 61%. I think there will be an ongoing gravitational pull there. You don't want to be stuck when there's a big run on the bank. I tell my entrepreneurs put some of your money in a big bank, and then go, uh huh. Some in a small bank, and they say, why? And I say because the US government can bail out a small bank, but they can't afford to bail out JP Morgan. JP Morgan goes under. It's under. I see the argument of diversifying in those three buckets, big bank, small bank, crypto. If these treasuries that are only in fiat currency and sometimes only in one fiat currency, I think they are irresponsible. I think their shareholders will have a case against them if they don't hold some bitcoin. The bitcoin economy is going to be much more, flexible, frictionless, open, transparent, global. It's going to keep perfect records and it's going to be a better economy.