Billionaire Tim Draper says Bitcoin (BTC) will make El Salvador one of the richest nations on earth
Venture capitalist Tim Draper says Bitcoin (BTC) is likely to transform El Salvador from one of the poorest countries in the world to one of the richest.
In a new interview with popular crypto bull Anthony Pompliano, the billionaire predicts that the decision of El Salvador’s President Nayib Bukele to invest in the royal crypt and make it legal tender in the country will pay off over time.
“There are only one or two countries in the world that have started to do that. They are going to go from the poorest to probably some of the richest countries in the world in the next 40 years because they have. El Salvador and the Central African Republic. And of course Malta will benefit greatly. Switzerland has great advantages because they make Bitcoin a part of their economy.”
Draper, an early investor in Bitcoin, believes that the time will come when there is mass adoption of digital currency and people will be able to use it to pay for life’s basic necessities, essentially replacing fiat currencies. He goes on to mention two areas that could give Bitcoin adoption a short-term boost.
According to Draper, women are a largely untapped demographic for Bitcoin, but the rate at which they are accepting the royal crypt is slowly increasing. He also adds that more retailers are likely to start using blockchain protocols for payments and transfers instead of traditional financing methods.
– This is an interesting statistic. Women control 80% of retail spending. And until recently, about one in 16 Bitcoin wallets was owned by a woman. Now it’s more like one and eight.
“In retail, when the retailer can easily accept Bitcoin, which they can with OpenNode, they’re going to realize they can bring another 2% right to the bottom line. And they’re going to encourage their customers to buy with Bitcoin.”
And the moment I can buy food, clothes and shelter in Bitcoin, why do I need a political currency? Why do I want a fiat currency? I just wanted to hold Bitcoin. I would sell all my fiat currency. And I think there will be a moment where there’s kind of a run on fiat currency where it’s like we’ve got to get out of this.”
Draper recently predicted that Bitcoin will reach a price of $250,000 in six months, although many do not share that opinion. At the time of writing, Bitcoin is changing hands at $16,960.
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Featured image: Shutterstock/Jorm S
