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 El Salvador President Nayib Bukele’s decision to invest in the king crypto and make it legal tender in the country will pay off over time becomes.
“There are only one or two countries in the world that have started doing this. They will rise from the poorest to probably some of the wealthiest countries in the world over the next 40 years because they made it. El Salvador and the Central African Republic. And then, of course, Malta will benefit greatly. Switzerland benefits greatly because they make bitcoin part of their economy.”
Draper, an early investor in Bitcoin, believes there will come a time when digital currencies will be widely adopted and people will start using them to pay for life’s basic necessities and essentially fiat currencies to replace. He mentions two areas that could give a boost to Bitcoin adoption in the near term.
According to Draper, women are a largely untapped demographic for Bitcoin, but the rate at which they accept the king crypto is slowly increasing. He adds that more retailers are likely to use blockchain protocols for payments and remittances instead of traditional financial methods.
“It’s an interesting statistic. Women control 80% of retail spending. And until recently, about 1 in 16 bitcoin wallets was owned by a woman. Now it’s more like one and eight.
“In retail, if the retailer can easily accept bitcoin, which they can now with OpenNode, they will realize that they can add another 2% straight to their bottom line. And they will encourage their customers to buy with Bitcoin.
And the moment I can buy my food, clothes and shelter all in bitcoin, why do I need a political currency? Why would I want fiat currency? I would just stick with bitcoin. I would sell all my fiat currency. And I think there’s going to be a moment where there’s kind of a run on fiat currency, where it’s like, we gotta get out of there.”
Draper recently predicted that Bitcoin will reach a price of $250,000 in six months, although many disagree. At the time of writing, Bitcoin is changing hands at $16,960.
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