Tim Draper Advise President of Argentina to Approve Bitcoin

Well-known billionaire investor and Bitcoin supporter Tim Draper has asked the President of Argentina to approve Bitcoin. Tim Draper believes that by legalizing the top-ranking cryptocurrency will help to boost the economy of the country, as per reports mentioned on March 22.

The Silicon Valley-based venture capital investor met the President of Argentina Mauricio Macri on March 20 to talk about the economic opportunities of the Latin American country and how they can bring it to a stable path. During the dialogue between the two, Tim Draper spoke about the opportunity of the blockchain, crypto and other latest developing technologies in order to improve the economy of Argentina.

He stated,

“we were discussing about Bitcoin and the decline of the peso and I suggested my idea, if peso (ASR) is been valued with a higher price than Bitcoin then I will increase twice the investment that I was doing for the country. But if Bitcoin has been valued with a higher rate than peso, then they should announce bitcoin as a national currency. This will be a perfect step and a decision as the coin lacks a lot of confidence.”

The discussion was fruitful with the head of state, and Tim Draper exchanged his views in an interview. In an interview of Tim Draper with Maria Julieta Rumi, he mentioned that the much greater revolution as compared to the internet is Bitcoin and emerging blockchain technologies. He said that by adopting the blockchain and crypto technologies will eventually help to transform the financial systems and banking sector of Argentina. This is the best time for the Latin American country to welcome technology and adopt cryptocurrency.

The blockchain technology was discussed in the meeting, and Tim Draper mentioned that the emerging technologies have the ability to improve the economic status of Argentina and the people. Both the digital currencies namely blockchain and cryptocurrency can be utilized to lower the value of the local currency of the country peso (ASR).

In an Interview, Tim Draper repeatedly mentioned his optimistic view over Bitcoin, forecasting that the price of the Bitcoin to be around $250,000 from 2022 to 2023 and this will account to 5 percent of the global share of the entire markets. He further explained that as soon as people get comfortable in using bitcoin, similar to pesos or dollars, they will prefer to use bitcoin because it’s decentralized, open, effective and global. A month ago in an interview with Fox Business, he said that the days of fiat are numbered and will only be used by cheaters in five years.

However, Argentina has been friendly in recent times in using new technologies in the field of blockchain and cryptocurrency. In March, the government of Argentina has allowed to invest in the projects related to blockchain mainly supported by Binance Labs and LatamBx a Latin American crypto exchange firm.

The CEO of Binance Labs has signaled at developing a new fiat to crypto exchange in Argentina. In the recent export deal of Argentina with Paraguay, the country sold products and purchase was made via bitcoin and later converted them into pesos to clear the account with the exporter.