Crypto bull Tim Draper has given advice to the president of Argentina to legalize Bitcoin (BTC) in order to improve the economic situation in the country, Cointelegraph en Español reports March 22.
The American venture capital investor reportedly met with Argentina’s president Mauricio Macri on March 20 to discuss the economic prospects of the Latin American country.
During the meeting, Draper spoke about the potential of emerging technologies such as blockchain and crypto for improving major problems in Argentina's economy, including the devaluation of the Argentine peso (ARS), as well as the associated brain drain.
Cointelegraph en Español quotes Draper as saying:
"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.”
Following the meeting, Draper explained his pro-crypto stance in an interview with María Julieta Rumi, noting that he believes Bitcoin and blockchain are even a greater revolution than the internet. Draper stated that it is now a good time to adopt the technology in Argentina, arguing that this will provide complete changes in banking, commerce, and financial systems.
In the interview, Draper also reiterated his bullish stance on Bitcoin, predicting that Bitcoin will be worth $250,000 between 2022 and 2023, and will account for 5 percent of the global share of all the markets. He elaborated that as soon as people are able to easily use bitcoin, just like pesos or dollars, they will choose bitcoin because it is “decentralized and open, frictionless and global.”
In February, Draper argued that in five years, fiat money will be used only by criminals.
Meanwhile, Argentina has recently been friendly to adopting new developments in the blockchain and crypto space. In early March, the government of Argentina agreed to co-invest in blockchain projects that are backed by Binance Labs and Latin American crypto exchange LatamEx. Binance CEO Changpeng Zhao also hinted at the establishment of a new fiat-to-crypto exchange in Argentina.
In February, Argentina settled an export deal in Bitcoin, selling pesticides and fumigation products worth of $7,100 to Paraguay. The purchase was paid for in Bitcoin and then converted into Argentine pesos to settle accounts with the exporter.