Tim Draper advises Argentina’s President Mauricio Macri to Legalize Bitcoin for a better Economy

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  • Blockchain and crypto can be used to devalue the country’s local currency, Argentine peso (ARS).
  • Bitcoin and the blockchain technology are far much greater revolutions compared to the internet.

Tim Draper, a renowned Bitcoin bull is reported to have met the Argentinian President Mauricio Macri and urged him to legalize Bitcoin (BTC) in the country. A move that Draper believes will improve the country’s economic status. According to Cointelegraph en Español the two met on March 20 to discuss the economic prospects of Argentina.

The blockchain technology was featured in the discussion where Draper said that it has the ability to revamp the economic status of the people of Argentina. Both blockchain and crypto can be used to devalue the country’s local currency, Argentine peso (ARS).

“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.”

In a later interview with María Julieta Rumi, Draper said that Bitcoin and the blockchain technology are far much greater revolutions compared to the internet. He added that the adoption of the technologies will assist in changing the banking, commerce and financial systems of Argentina.

Draper still maintains that Bitcoin will trade as high as $250,000 between 2022 and 2023 and will account for 5% of the entire global market share. He explained that people would prefer Bitcoin to peso if only it could be bought like any other fiat currency.

 

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