Tim Draper, a well-known crypto bull, is yet again a hot topic for our bitcoin news after he proposed a bet to the Argentinean president to legalize Bitcoin if he wants the economy of his country to improve dramatically.
The venture capital investor met with Mauricio Macri, the president of Argentina where he discussed the economy of the country and how cryptocurrencies could boost the economic situation in the Latin American Country, according to the reports from Cointelegraph en Español.
During his meeting with the president, Draper explained how the newly emerging technologies such as crypto and blockchain could provide a solution for all major problems in the Argentinean economy including the Argentine peso devaluation as well as prevent the young people of Argentina to move out from the country. He said:
“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 also explained that he believes Bitcoin and blockchain are a much bigger evolution than the internet ever was and that now is the perfect time to adopt crypto technology in Argentina because it will change the entire banking, financial and commerce system.
Of course, he couldn’t hold his breath and made a bold prediction that Bitcoin will be worth somewhere up to $250,000 until 2023 because people will start to use bitcoin in their everyday lives just like the dollar or the peso but they will opt for bitcoin because it is decentralized and global.
Meanwhile, Argentina has adopted multiple projects from the blockchain world when at the start of the Month, the government of Argentina agreed to be a co-investor in blockchain projects that were backed by Binance Labs and the crypto exchange LatamEx. Binance is also planning to open a new fiat to crypto exchange in Argentina.
Back in February, Argentina made a deal in Bitcoin to export pesticides and fumigation products in Paraguay worth $7,100. The deal was paid in bitcoin and later converted into Argentine peso.
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