Legendary billionaire investor and Bitcoin proponent Tim Draper has urged the president of Argentina Mauricio Macri to legalize Bitcoin. Draper said legalizing the top-ranking cryptocurrency will help boost the country’s economy, according to Cointelegraph.
The Silicon Valley-based venture capitalist held talks with Macri on how they can put the South American country’s economy on a stable path. During the discussion, Draper touched on the potential of the blockchain, crypto and other emerging technologies for reviving the economy of Argentina. 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.”
Following his fruitful meeting with the head of state, Draper shared his views in an interview with Maria Julieta Rumi. During the interview, he said Bitcoin would be bigger than the internet. Therefore, it is now the ideal time for the South American country to embrace cryptocurrency and its underlying technology.
Draper sticks to his $250K price prediction
The venture capital investor also reiterated his Bitcoin price prediction. He maintained that the flagship cryptocurrency price would hit $250,000 by 2023. It means that the total crypto market will surpass $5 trillion, which is approximately 5 percent of the global economy. Last month, during an interview with Fox Business, Tim Draper said the days of fiat are numbered, and will only be used by crooks.
Financial turmoil in Argentina
The past 15 months or so will certainly be remembered for the unbearable economic crisis and the conditions that accompanied it, including a devaluation of the peso and soaring inflation. The situation forced president Macri to seek one of the largest emergency loans from the IMF. As a result, the Argentinian peso is likely to shed even more of its falling value, given that the Macri administration will have to finance more of its growing debts by printing larger quantities of the national currency.