The prominent American venture capitalist and crypto entrepreneur Tim Draper presented his speech at the 2023 Blockchain week in Paris. In his statement, Draper recited a Bitcoin song he had composed to narrate investors’ loss of confidence in banking.
Draper’s piece, “The Decentralization of Everything,” evaluates the complex relationship between Bitcoin and traditional banks.
Draper’s Presentation at Blockchain Week 2023
According to Draper’s speech, he lamented that the recent fallout of Silicon Valley Bank (SVB) had created a “crisis of trust” in the crypto space. He regretted the collapse of SVB and the other two leading banks in the US have undermined the investors’ confidence in the crypto world.
His speech evoked mixed reactions among the participants questioning the regulators’ next move. Draper echoed a recent statement issued by a member of the White House who outlined the disadvantages of cryptos.
He wondered whether the current US regime would revive the ailing banking sector. In his song, Draper repeated some key phrases that stated the impact of the decentralized finance assets, including the Bitcoin on the traditional banks.
He argued that the changes in the DeFi world are inevitable, and the world has to cope with the emerging technologies.
Draper’s Message to the Regulators
In addition, Draper argued that the regulators in the US resisting the adoption of digital assets would soon be termed weak leaders. On the contrary, the pro-crypto leaders in the US will be seen as strong leaders.
After presenting the keynote speech, Drapers recited a song he had composed in 2019. The song featured key players in the crypto world, including Bitcoin, traditional banks, regulators and Satoshi.
The song was dedicated to the troubled SVB and other banks experiencing similar challenges as Silvergate and Signature bank. Draper’s song revolved around the current crypto regulations that have created distrust in the banking sector.
He demanded that governments to adopt friendly rules supporting the flow of currencies. Also, he mentioned the significant contributions made by Bitcoin, Web3 and blockchain technologies in transforming the digital world.
The song left the audience in a laid-back mood hoping that Draper’s proposal would materialize.