Billionaire venture capitalist and Bitcoin bull Tim Draper has told the Argentine president that legalizing Bitcoin (BTC) would be a good move towards improving the country’s economic situation, according to a local media report published on March 22.
Draper reportedly met President Mauricio Macri last Wednesday, and, among other things, discussed Argentina’s economic woes that have seen the national currency Peso lose most of its value.
The American serial investor argued the case of how emerging technologies like blockchain technology and cryptocurrency could help tackle some of the problems Argentina currently faces and which have not only devalued the peso, but also seen a significant rise in cases of brain drain.
It is during the meeting that Draper took on Mr. Macri and reportedly made a bet on bitcoin with Argentina’s head of state.
Cointelegraph en Español quotes Draper as having told the president that he would double his investment in the Latin American country “if the peso would be valued more than Bitcoin.”
“But if Bitcoin acquired a higher value than the peso, [then] they would have to declare it as a national currency. That solution would be a perfect one because [it would mean] there’s no confidence in the national currency.”
After the meeting, Draper took time to elaborate on his longstanding pro-crypto stance, noting that blockchain and bitcoin could become greater tools of revolution than what the world has achieved with the internet.
He stated that the time was now for Argentina to adopt the emerging technology, adding that its impact could transform key sectors of the economy, including financial systems, commerce, health, and social security.
Draper also held firm on his earlier bullish call that bitcoin’s value will hit $250k in the next three years- between 2022 and 2023. He added that BTC’s global market share by then would be 5 percent.
Notably, according to him, bitcoin will become the currency of choice for most people as soon as it becomes easy for anyone to use it as they would do with pesos or dollars. People will choose crypto over fiat not only because it would be “decentralized and open,” but also a frictionless and borderless
Draper’s strong belief in crypto also saw him claim this past February that within five short years, crypto will have overtaken fiat. After that, it is only criminal who would fancy using fiat currencies.
Argentina is one of the countries with an increasingly crypto-friendly approach to blockchain and crypto adoption.
In February, Argentina and Paraguay collaborated on an export deal involving agricultural products valued at $7,100. Payments were settled via Bitcoin (BTC) before being converted into pesos and paid into the exporter’s accounts.
At the beginning of March, the government said that it would be co-investing in blockchain projects backed by Binance Labs.
And just last week, the CEO of Binance Changpeng Zhao hinted that the firm could establish a fiat-to-crypto platform in Argentina.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.