Sunday, 20 September 2020

Tim Draper Proposed Argentina to Legalize Bitcoin

Venture investor and famous cryptocurrency enthusiast Tim Draper advised the president of Argentina to legalize Bitcoin in order to improve the economic situation in the country.

The American venture investor reportedly met with Argentine President Mauricio Macri last week to discuss the economic outlook for a Latin American country.

During the meeting, Draper spoke about the potential of new technologies, such as the blockchain and cryptocurrency, to solve the main problems in the Argentine economy, including the devaluation of the Argentine peso, and the associated leakage of specialists from the country. Cointelegraph en Español quotes Draper:

“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.”
After the meeting, Draper explained his position and noted that Bitcoin and blockchain are even more revolutionary than the Internet. Draper said that now is the right time to introduce this technology in Argentina, saying that it is contributing to global changes in the banking, commercial and financial systems.

In this interview, Draper also predicted that the price of Bitcoin would rise to $250,000 between 2022 and 2023 and the cryptocurrency would occupy 5% of the world share in all markets. He clarified that as soon as people can use Bitcoin as easily as pesos or dollars, they will choose Bitcoin because it is “decentralized, open and global.” In February, Tim Draper claimed that cryptocurrency would force out ordinary money in five years.

Meanwhile, Argentina has recently been friendly with new developments in the blockchain and cryptocurrency industries. In early March, the Argentine government agreed to invest in Binance Labs incubator blockchain startups. And in the middle of the month, it was reported that Binance could launch a crypto-fiat exchange in Argentina. In addition, in mid-February, Argentina and Paraguay conducted the first Bitcoin payment transaction.

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