Tim Draper, a well-known cryptocurrency enthusiast, urged Argentine President Mauricio Macri to legalize Bitcoin (BTC) to improve the country’s economy.
The investor met with Macri on March 20 to discuss the economic future of the Latin American country.
During the meeting, Draper spoke about the potential of emerging technologies such as cryptocurrencies and blockchain technology to solve Argentina’s economic problems, including the devaluation of the Argentine peso (ARS). On this, Draper commented:
“We were talking about Bitcoin and the devaluation of the peso, so I proposed a bet: If the peso is worth more than Bitcoin, I will double the investment I will make in the country. But if the Bitcoin obtains a higher rate than the peso, they must declare it the national currency. This would be a perfect decision, because there is a lack of confidence in the country. ”
After the meeting, Draper explained that he believes that Bitcoin and blockchain technology are an even bigger revolution than the internet. Draper said it is the best time for adoption in Argentina, arguing that it would completely change the banking, commercial and financial system.
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In addition, he took the opportunity to reiterate that he considers that Bitcoin will be worth US $ 250,000 between 2022 and 2023 and will have a 5% representation in the world market.
Argentina, on the other hand, has shown a very open stance in relation to Bitcoin and the underlying technology.
At the end of 2017, for example, the South American country established its own FinTech chamber to work towards the development of this ecosystem in the country.
Also, more recently, the national government reached a joint investment agreement with Binance to boost the growth of blockchain startups in the nation, and it is presumed that even a crypto-fiat platform in Argentina could be opened thanks to this alliance.