Draper advised the Argentine president to legalize Bitcoin to transform the country, attract entrepreneurs and avoid the flight of talent due to the economic situation.
Tim Draper, the word of experience
Tim Draper, a well-known venture capitalist and investor, appeared on Wednesday in Argentina, met with the president of that country, Mauricio Macri, and bet that if the Argentine peso revalues more than Bitcoin, he redoubles his investments in the country, but if the opposite happens, that the cryptocurrency is revalued more than the national currency, Macri must supplant the Argentine peso for Bitcoin.
His exact words
“What I said is that a bitcoin is going to be worth US $ 250,000 between 2022 and 2023. And I believe it. That means that bitcoin will have 5% of the market of all fiat currencies in the world. That’s definitely going to happen, because as soon as you can use bitcoins like pesos or dollars, people are going to choose bitcoin, because it’s decentralized and open, frictionless and global. It is a great coin, while the peso, like other currencies, are tied to what the government does”.
The celebrity of the venture, 60 years old, was visiting the southern country to participate as a special guest at the annual meeting of the members of Draper Venture Network (DVN) in Buenos Aires, whose organizer, the Argentine fund Draper Cygnus, is part of this organization.
Advice to Macri
In effect, Draper advised the Argentine president to legalize Bitcoin to transform the country, attract entrepreneurs and avoid the flight of talent due to the economic situation.
“We talked about bitcoin and the devaluation of the peso, and I proposed a bet: if the peso was valued more than the bitcoin, I double the investment I am making in the country; and if the bitcoin acquires more value than the peso, he had to declare the bitcoin national currency. It would be a perfect solution because there is no confidence in the currency”, said Draper before the audience of the summit of Fintech + Blockchain, which Draper Cygnus organized for the second day of the investor’s visit, and which took place in a hall of the Ministry of production.
Similarly, in an interview conducted by the newspaper La Nación, Draper argued why he believes that Bitcoin and Blockchain are a revolution even greater than that represented by the Internet at the time.
It is really a good time for entrepreneurs in Argentina, due to the crisis. It is a time for those who are heroes to emerge. The country has some of the best entrepreneurs.
Who is Tim Draper and what attracts him from Argentina?
Tim Draper is an entrepreneur who has made his fortune investing in companies such as Hotmail, Skype and Tesla Motors, reaching to have a network of funds that manages US $ 2,000 million.
In Argentina, it has currently invested some US $ 3 million in ventures in that country such as Alxerion, Skyloom and Stamm.
I am interested in everything that is Bitcoin and the associated technologies, such as Blockchain, smart contracts, payment channel networks and open nodes. These technologies are allowing for complete changes in banking, in commerce and in financial systems, which are also affected because there is big data; and with this technology comes deep learning and artificial intelligence.
Draper is known for having a lot of vision to find lucrative investment opportunities
In the same way, and although sometimes their opinions can be seen as not very objective, nobody is surprised by the faith they have in Bitcoin and the underlying technology, Blockchain. In fact, he argues that Bitcoin could be quoted at maximums of up to USD $ 250,000 per unit for the year 2022.