Tim Draper: “Blockchain Tech Has a lot of Potential to Flourish in Argentina”

  • Draper is of the opinion that in order for Argentina to survive its looming financial crisis, the government has to lure in venture capitalists to come invest in the country’s rapidly evolving tech ecosystem.
  • In the past, Draper has often spoken out in favor of Bitcoin and how the digital currency has the potential to completely revamp the global economic system.

During his appearance at the ongoing Bitcoin2019 conference, venture capitalist Tim Draper discussed his much-hyped deal with Argentina’s current president ‘Mauricio Macri’. For those of our readers who may not be aware of the wager, Draper proposed that if Bitcoin were to become more valuable than the Argentinian peso by 2023, Marci would have to declare the flagship crypto asset as his nation’s official currency.

Additionally, Draper also appeared on a news program recently where he claimed that Bitcoin’s value would scale past the $250,000 mark within the next 3-4 years.

“Bitcoin will own a 5% of the global currency market. This will definitely happen,” Draper said. People are going to choose bitcoin over pesos when they see all they can do with bitcoin. That’s why I made the prediction and then the bet as a joke with the President,”

More on the Matter

Speaking at Bitcoin2019, Draper was quoted as saying that even though the future of blockchain technology looks to be quite bright in Argentina at the moment, the nation’s current president seems to be suffering from extremely low approval ratings. To make matters worse, it is being estimated that the peso is currently looking at a projected devaluation of over 35% by the end of this year. Not only that, but the current regime is also facing a public debt increase of 77 percent as we speak.

On the subject, Draper noted that in order for the Argentinian government to mitigate such looming disasters, Marci needs to develop his country’s tech infrastructure (and implement newer innovations such as 5G to help revive his nation’s economy).

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