Tim Draper Recommends President of Argentina To Change Argentine Peso to Bitcoin

Tim Draper, an American venture capital investor and a big proponent for Bitcoin (BTC), met with President of Argentina Mauricio Macri on March 20, upon which he advised him to legalize Bitcoin and use it to replace the Argentine peso.

Following the meeting, Draper was interviewed by La Nacion, an Argentinian news outlet, where he discussed the content of his meeting.

According to Draper, he advised the Argentina President to replace their Argentine peso with Bitcoin to improve their economic situation and attract entrepreneurs to the Latin American country. He also spoke about the potential of blockchain technology and crypto for improving major economic problems.

Per the interview, Draper said:

“We were speaking of Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there’s a lack of confidence in this coin.”

Can Bitcoin Save Argentina?

Argentina is currently on the verge of an economic crisis, as their national currency, the Argentine peso (ARS), has lost nearly 50% of its value against the US dollar, inflation is close to 50%, and interest rates are at world highs. This is stifling innovation and pushing the brightest minds and entrepreneurs to emigrate.

According to Draper, the best solution to turn this situation around would be to legalize Bitcoin and replace the peso so that entrepreneurs are incentivized to stay.

Adding to this, he said:

“It’s really a good time for entrepreneurs in Argentina, because of the crisis, it’s a time for those who are heroes to emerge, the country has some of the best entrepreneurs.”
Another suggestion Draper made was to improve the country’s Wi-Fi and put in 5G. He stated that if the country makes an initiative to do this, big companies will come to Argentina and build the infrastructure and routes for a fast, interconnected country.
Draper also put an emphasis on investing and building an economy built on blockchain technology. He provided examples of the impact these industries could have on the Argentinian economy by making complete changes in banking, commerce, and financial systems.

Draper: “Bitcoin Is Going To Be Worth $250,000”

At the end of the interview, Draper reiterated his bullish stance on Bitcoin, predicting that it will be worth $250,000 between 2022 and 2023, which will account for 5% of the market of all the world’s currencies.

Adding to this he said:

“That’s definitely going to happen because as soon as you can use bitcoins like pesos or dollars, people are going to choose Bitcoin because it’s decentralized and open, frictionless and global.”

In addition to Draper’s words above, and as previously reported by IIB, he said in an interview with Forbes that Bitcoin and other cryptocurrencies will be the standard and in 5 years time — only criminals will be using fiat currencies.

Clearly, Draper is very bullish on Bitcoin and crypto and is willing to make substantial efforts to help Bitcoin succeed.

Do you think Argentina will take Draper’s advice and legalize Bitcoin (BTC)? Will the country invest and focus on the development of blockchain technology to improve its economy and attract entrepreneurs? Let us know what you think in the comment section below.

3 Comments

  • Jim Bone
    Posted March 26, 2019 9:59 am 0Likes

    Yes, I think that Argentina will adopt Bitcoin. Then I think that Bitcoin will go to $250K and make Argentinians very wealthy for about a week. Then I think that Bitcoin will crash (again) and make Argentinians very poor again. Then I think that Tim Draper better never show his face again in Argentina. Just sayin’…

  • Miguel Delagos
    Posted March 26, 2019 10:16 pm 0Likes

    No way any country in the world adopts Bitcoin as a national currency. They would sooner create a national blockchain currency they have more control over. Besides, what Draper does not understand is that Argentina, like most developing nations, has a huge cash economy and cryptocurrencies are by definition cashless. Heck, here we even pay our rent in cash! People here are just beginning to start to trust electronic commerce but the level of distrust is still very high and the infrastructure for it is very under-developed. What Argentina really needs is stronger institutions and an independent central bank to engender more confidence in the currency. We are on that road with President Macri but it takes time.

  • Juan
    Posted March 28, 2019 12:58 am 0Likes

    Yup, just what we need. More volatility and uncertainty

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