Timothy Cook Draper, an American venture capital investor and renowned Crypto bull Tim Draper advocates Argentina’s president to legitimize the utilization of Bitcoin [BTC] to improve the current economic circumstances in Argentina.
According to the sources the venture capitalist had a meeting with Argentina’s president Mauricio Macri on March 22 ahead of a Fintech and Blockchain summit organized by Argentine fund, Draper Cygnus. They discussed about economic prospects of the Latin American country and various approaches to improve the economic situation of the country by adopting bitcoin.
During the meeting Draper proposed various measures that can be adopted to improve Argentina’s economy. He mentioned about the potential options such as blockchain and crypto. He added that if bitcoin gained a higher price than the national currency peso then bitcoin should be declared as a national currency.
According to him bitcoin and associated technologies, such as blockchain, smart contracts, payment channel networks and open nodes will provide complete changes in banking, commerce and financial systems.
Draper told sources,
“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.”
He attended an interview with journalist María Julieta Rumi following the meeting with the President. In the interview Draper explained his pro-crypto opinion and he cited that he believes Bitcoin and blockchain are even a greater revolution than the internet.
He opinionated if Argentina legalize bitcoin and deploy blockchain it would provide a complete revolutionary transformation of Argentina’s economy. He explained that if people are able to use bitcoin with ease like fiat currency then they would probably choose bitcoin for all the transactions as it is“decentralized and open, frictionless and global.”
“If the peso is valued more than Bitcoin, I double the investment I am making in the country; and if Bitcoin acquires more value than the peso… that would be a perfect solution because there is no confidence in the currency,” he added.
He even shared his bullish attitude towards bitcoin and predicted within the next 3 to 4 year bitcoin will be worth $250,000
Changpeng Zhao, Binance CEO has previously hinted about the establishment of a new fiat-to-crypto exchange in Argentina.
Original source: La Nacion