Elon Musk

Bitcoin

Kevin

when

Venture capitalist Tim Draper has renewed his case for <a href="https://www.thestreet.com/crypto/markets/bitcoins-uptober-rally-just-fell-apart-as-demand-weakens" rel="noopener noreferrer nofollow">Bitcoin with</a> a stark warning for people who hold traditional money.
In a post <a href="https://x.com/TimDraper/status/2115473668386292162" rel="noopener noreferrer nofollow">on X</a>, the billionaire said the spread of Bitcoin payments could eventually shake confidence in the dollar and trigger a run on banks.
<blockquote>
 “I’ve said it before and I’ll say it again. It’s irresponsible to not own Bitcoin. First, companies will say, we accept Bitcoin. Then, they’ll say, we only accept Bitcoin.” Draper wrote.
</blockquote>
<h2 id="a-three-step-path-to-a-bank-run">A three-step path to a bank run</h2>
Draper described the shift as a sequence. Companies will first announce that they accept Bitcoin, then that they accept only bitcoin. At that point, he argued, public trust in fiat money would break down.
<a href="https://www.thestreet.com/crypto/markets/elon-musk-has-a-bold-answer-to-americas-40-trillion-debt-crisis" rel="noopener noreferrer nofollow">Related: Elon Musk has a bold answer to America’s $40 trillion debt crisis</a>
“Then people will not value dollars or fiat, and there will be a run on the banks,” he said.
He called the change permanent. “Eventually, the world will never be the same,” Draper wrote.
In his view, individuals and companies that prepare early will come out ahead, while those stuck with legacy <a href="https://www.thestreet.com/crypto/markets/dump-bitcoin-now-analyst-warns-bitcoin-may-never-hit-another-record" rel="noopener noreferrer nofollow">currency will not</a>.
"The individuals and companies that are ready for the seismic shift will come out ahead. Those that are left holding legacy currency will not," he said in the post.&nbsp;
The view is consistent with his past calls. In Sept, Draper repeated his <a href="https://www.youtube.com/watch?v=tFpLs_37HYI&amp;t=460s" rel="noopener noreferrer nofollow">forecast</a> of $250,000 for Bitcoin in about two years, pointing to the 2028 halving, which will cut the rewards miners receive.
<h2 id="the-risks-others-see">The risks others see</h2>
Not everyone is ready to make that bet without caveats.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/kevin-oleary-says-he-still-owns-bitcoin-but-two-risks-have-his-attention" rel="noopener noreferrer nofollow">Kevin O’Leary</a>, who still owns Bitcoin, says the asset has plateaued because institutions want regulatory clarity before investing and because quantum computing worries some investors.
O’Leary said Bitcoin could reach $1 million, but only “if it can resolve the doubt creeping in around quantum computing.” He was referring to Q-Day, the point at which quantum machines could break the encryption that secures blockchains.
On regulation, O’Leary said he expects crypto legislation to return after the <a href="https://www.thestreet.com/crypto/tag/clarity-act" rel="noopener noreferrer nofollow">CLARITY Act’</a>s Senate setback, though not before the midterms.
Draper’s scenario depends on merchants <a href="https://www.thestreet.com/crypto/markets/moodys-sounds-crypto-crash-alarm-why-bitcoin-investors-should-care" rel="noopener noreferrer nofollow">moving first</a>, and nothing suggests that has happened at scale.
For now, the warning remains a prediction, and the unresolved risks O’Leary describes are<a href="https://www.thestreet.com/crypto/markets/bitcoin-crash-alert-bitcoins-next-crash-could-be-weeks-away-as-midterm-fears-return" rel="noopener noreferrer nofollow"> still in play</a>.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>
<a href="https://www.thestreet.com/crypto/markets/if-you-invested-1000-in-bitcoin-when-trump-took-office-in-2017-vs-2025-heres-how-much-youd-have-made-or-lost" rel="noopener noreferrer nofollow">Related: If you invested $1,000 in Bitcoin when Trump took office in 2017 vs 2025, here's how much you'd have made or lost</a>

Bitcoin warning: Billionaire says dollar holders could be left behind

Table of Contents

TheStreet Roundtable

Other articles published on Oct 29, 2026

Join our free newsletter for daily crypto updates!