Tim Draper Urges Argentina's President to Legalize Bitcoin to Improve Economy

Crypto bull Tim Draper has given advice to the president of Argentina to legalize Bitcoin in order to improve the economic situation in the country, Cointelegraph en Español reports March 22.

The American venture capital investor reportedly met with Argentina's president Mauricio Macri on March 20 to discuss the economic prospects of the Latin American country.

During the meeting, Draper spoke about the potential of emerging technologies such as blockchain and crypto for improving major problems in Argentina's economy, including the devaluation of the Argentine peso, as well as the associated brain drain.

"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 the meeting, Draper explained his pro-crypto stance in an interview with María Julieta Rumi, noting that he believes Bitcoin and blockchain are even a greater revolution than the internet.

In the interview, Draper also reiterated his bullish stance on Bitcoin, predicting that Bitcoin will be worth $250,000 between 2022 and 2023, and will account for 5 percent of the global share of all the markets.

Argentina has recently been friendly to adopting new developments in the blockchain and crypto space.

In early March, the government of Argentina agreed to co-invest in blockchain projects that are backed by Binance Labs and Latin American crypto exchange LatamEx.

In February, Argentina settled an export deal in Bitcoin, selling pesticides and fumigation products worth of $7,100 to Paraguay.

The purchase was paid for in Bitcoin and then converted into Argentine pesos to settle accounts with the exporter.