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.”
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.