Anand Sinha
2 min read
Billionaire fund manager drops no-nonsense verdict on US dollar originally appeared on TheStreet.
Billionaire fund manager Tim Draper has not only made investments in Elon Musk's legendary companies Tesla (Nasdaq: TSLA) and SpaceX but also in crypto industry giants such as Coinbase (Nasdaq: COIN) and Robinhood (Nasdaq: HOOD).
The billionaire is a well-known Bitcoin advocate who believes that the world's largest cryptocurrency is poised to become dominant as compared to the dollar, even among retailers.
Draper has dropped another shocking warning regarding the U.S. dollar. He recently took to X to claim:
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," Draper added.
While Draper's warning could sound a little harsh, there is some truth to his concern. The U.S. dollar index (DXY), which measures the value of the dollar relative to a basket of foreign currencies, was quoted at 98.69 at the time of writing.
The index has been struggling to stay above the 100 level since President Donald Trump initiated the tariff war on Apr. 2. In fact, it has found it increasingly difficult to touch this point since May 20.
It's not only the dollar but also gold that falls low in Tim Draper's ranks, despite the fact that the bullion has been on a record-breaking spree this year. It hit its record high of $3,500 per oz. on Apr. 22 and was exchanging hands at $3,374.17 at the time of writing.
Bitcoin also hit the record price of $111,970.17 on May 22, even as the king coin suffered in the wake of the tariff war. As per Kraken's price feed, Bitcoin was trading at $104,363.12 at press time.
Billionaire fund manager drops no-nonsense verdict on US dollar first appeared on TheStreet on Jun 2, 2025
This story was originally reported by TheStreet on Jun 2, 2025, where it first appeared.
