Tim Draper Encourages Argentina’s President to Legitimize Bitcoin

[CoinMarketFeed.com]

Timothy Cook Draper, an American venture capital investor and renowned Crypto bull Tim Draper advocates Argentina’s president to legitimize the utilization of Bitcoin (BTC) to improve the current economic circumstances in Argentina.

According to the sources the venture capitalist had a meeting with Argentina’s president Mauricio Macri on March 22 ahead of a Fintech and Blockchain summit organized by Argentine fund, Draper Cygnus. They discussed about economic prospects of the Latin American country and various approaches to improve the economic situation of the country by adopting bitcoin.

During the meeting Draper proposed various measures that can be adopted to improve Argentina's economy. He mentioned about the potential options such as blockchain and crypto. He added that if bitcoin gained a higher price than the national currency peso then bitcoin should be declared as a national currency.

According to him bitcoin and associated technologies, such as blockchain, smart contracts, payment channel networks and open nodes will provide complete changes in banking, commerce and financial systems.

Draper told sources,


"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.”
 

He attended an interview with journalist María Julieta Rumi following the meeting with the President. In the interview Draper explained his pro-crypto opinion and he cited that he believes Bitcoin and blockchain are even a greater revolution than the internet.

He opinionated if Argentina legalize bitcoin and deploy blockchain it would provide a complete revolutionary transformation of Argentina’s economy. He explained that if people are able to use bitcoin with ease like fiat currency then they would probably choose bitcoin for all the transactions as it is“decentralized and open, frictionless and global.”


“If the peso is valued more than Bitcoin, I double the investment I am making in the country; and if Bitcoin acquires more value than the peso… that would be a perfect solution because there is no confidence in the currency,” he added.
 
He even shared his bullish attitude towards bitcoin and predicted within the next 3 to 4 year bitcoin will be worth $250,000

Changpeng Zhao, Binance CEO has previously hinted about the establishment of a new fiat-to-crypto exchange in Argentina.

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[alisafidel58]

"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.”

With the current economy of Argentina, of course, it's impossible that the Argentinian currency would value more than bitcoin. Economic managers in the president's cabinet would think carefully about this. If they make the bitcoin as their national currency then they might get some sanction among the world leaders.

[Beerwizzard]

"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.”

What's the point in comparing a single peso with 1 bitcoin? It is the same as investing 100$ into bitcoin or ETH. From investment point of view there is no matter what is the current price. THe only thing that matters is a % of future growth.
Also central banks are not trying to deflate the price of their currency so crypto is not that relevant to the global economy.

[dothebeats]

His terms are somewhat unacceptable and one-sided, and I don't think Macri will even try to negotiate or look into his terms. Argentina is doing fine with their economy, though I must agree with Tim Draper that legalizing and legitimizing the bitcoin industry would somewhat open up a larger door for their economies should bitcoin boomed and a lot of businesses and investors start investing in Argentina and not just Tim Draper alone. It will need a lot of work from Tim to actually convince Macri, and one can only hope for a positive response from the Argentinian president.

[kryptqnick]

It's cool the guy had a chance to meet the president, but his bet sounds unrealistic and I bet the president thought it was a joke. Not to mention that it might as well be that it's not up to president to choose the national currency. Moreover, even though I like the idea of bitcoin as money, it seems clear that bitcoin itself cannot be adopted that widely. How will people buy food in the supermarkets, waiting around an hour for network confirmations? Someone might of course take the responsibility for this part, but this will mean there's now an intermedairy that will probably charge additional fees. And bitcoin fees are okay when the network is not busy, but we've seen how high they can be. I think that bitcoin as we have it nowadays is not apt to the task. Lightning network might be a viable solution, though.

[avikz]

He opinionated if Argentina legalize bitcoin and deploy blockchain it would provide a complete revolutionary transformation of Argentina’s economy. He explained that if people are able to use bitcoin with ease like fiat currency then they would probably choose bitcoin for all the transactions as it is“decentralized and open, frictionless and global.”

I don't think that the economy of Argentina is going through any significant trouble that would require remediation through the acceptance of cryptocurrency. Rather, the economy is going stronger year on year basis. Accepting bitcoin or other established cryptocurrencies within the economy of a country will definitely help bitcoin to grow, if not the economy of that country!

[dablatair]

Hello,

I think it is another very good news for Bitcoin and cryptocurrencies in general !

They could not save an economy alone, we need classic existing finance use and money. But it is a powerful alternative to them and could really help country and people to optimize investments and personal saves on other assets with less deflation.

More and more news at high level like this are helping crypto to be better known and more generally adopted. It will help to reinforce them and give trust.

[Kemarit]

So that's how big Tim Draper, he can have a audience with a President of a country. LOL. But obviously, the guy is well known as venture capitalist so it's easy for him to talk to Mauricio Macri and discussed everything about Bitcoin and Blockchain Technology. Anyways, I agree that the bet is just one-sided and we all know that ARS can't and won't valued more than Bitcoin. But we love Tim for pushing crypto and blockchain though, at least the President may study what this technology can bring to his country in a positive way. And we don't know maybe in the next 2-3 years they're going to implement blockchain and slowly lay down a framework to make Bitcoin as legal currency.

[ASHLIUSZ]

He opinionated if Argentina legalize bitcoin and deploy blockchain it would provide a complete revolutionary transformation of Argentina’s economy. He explained that if people are able to use bitcoin with ease like fiat currency then they would probably choose bitcoin for all the transactions as it is“decentralized and open, frictionless and global.”

I don't think that the economy of Argentina is going through any significant trouble that would require remediation through the acceptance of cryptocurrency. Rather, the economy is going stronger year on year basis. Accepting bitcoin or other established cryptocurrencies within the economy of a country will definitely help bitcoin to grow, if not the economy of that country!

On the overview we don't find any economic collapse within the country. Maybe there will be some form of internal lack in the economy. I believe the present acceptance is all through the analysis for the need of cryptocurrency. Long back itself experts gave suggestion to Zimbabwe when it was experiencing a hard financial crisis to adopt bitcoin.

[Zadicar]

Good thing that Draper do able to have some meeting with the President and its indeed a change or opportunity to introduce bitcoin/crypto overall
since his bullish on it then telling all the positive things will happen but i dont think the decision will be highly affected because the jurisdiction
will always vary on how the government for Argentina foresees about such situation.

He even shared his bullish attitude towards bitcoin and predicted within the next 3 to 4 year bitcoin will be worth $250,000

Im sick and tired with exaggerated presumptions or predictions about bitcoin hitting up with these ranges.Why not consider to point out lower goals?

[ePesoInitiative]

Good thing that Draper do able to have some meeting with the President and its indeed a change or opportunity to introduce bitcoin/crypto overall
since his bullish on it then telling all the positive things will happen but i dont think the decision will be highly affected because the jurisdiction
will always vary on how the government for Argentina foresees about such situation.

He even shared his bullish attitude towards bitcoin and predicted within the next 3 to 4 year bitcoin will be worth $250,000

Im sick and tired with exaggerated presumptions or predictions about bitcoin hitting up with these ranges.Why not consider to point out lower goals?

Well Draper did point out a lower goal of $10,000 per Bitcoin way back in September, 2014. Here's the quote:

Draper told CoinDesk:

“I guess the markets aren’t seeing what I am seeing. An entire economy is being rebuilt. I have a price target of $10,000 in three years. Even that may be pessimistic.”

https://www.coindesk.com/tim-draper-bitcoins-price-still-headed-10k

So, if he's right again, BTC at half a million dollars?  

[BurgerCash]

So, if he's right again, BTC at half a million dollars?  

He's a permabull who predicted 35k last year. Permabull opinions are as valuable as permabear opinions. But I'm glad he's taking action and working towards a brighter future for btc.

[jseverson]

He added that if bitcoin gained a higher price than the national currency peso then bitcoin should be declared as a national currency.

Lol what? I'm fairly sure that's not as simple as it sounds. There's nothing in the interview that says this too, so could this be an error in translation or something?

Either way, I doubt any country would want Bitcoin to be their national currency as this would mean they wouldn't be able to control their economy. The end game as far as the global stage is concerned, IMO, is for Bitcoin to be recognized as a legitimate reserve currency.

[traderethereum]

I don't think Argentina will create their own crypto, but Argentina can legalize bitcoin because if they can legalize bitcoin, the revolutionary in the financial and economic will begin and people will choose bitcoin to make a transaction. But this will be good news for bitcoin because if that happens, then Argentina will be the next country that legalizes bitcoin and their people can use bitcoin with the other coins for making a transaction.
I think the other country will thinking to legalize bitcoin too if they can see how easy for people to make the transaction and they don't have to meet any problem like in the traditional transaction.

[elda34b]

I think the other country will thinking to legalize bitcoin too if they can see how easy for people to make the transaction and they don't have to meet any problem like in the traditional transaction.

There's a lot of alternatives for government for e-commerce or quick/fast payment, such as centralised digital payment. I don't think Bitcoin is the first option for this purpose, and certainly not their best choice because they can't fully regulate and manage the issuance/payment.

But if it ever happens, they'll need to solve several issues such as high volatility, 'slow' confirmation and so on.

[pooya87]

"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.”

that is a stupid decision, and it seems like Tim is either a big idiot who doesn't understand economy or he is trolling the whole country while trying to hype bitcoin up!
we all love bitcoin and we know of its potential but to declare it as a national currency today that price is still very volatile and there is manipulation in the market and also the whole thing is still small, is a terrible idea. and we know that this situation is not going to change for many years (probably another 5 to 10 years of same type of volatility). something like that can wreck the economy of the country more than its own currency even if their local currency is losing its value.

[TravelMug]

"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.”

that is a stupid decision, and it seems like Tim is either a big idiot who doesn't understand economy or he is trolling the whole country while trying to hype bitcoin up!
we all love bitcoin and we know of its potential but to declare it as a national currency today that price is still very volatile and there is manipulation in the market and also the whole thing is still small, is a terrible idea. and we know that this situation is not going to change for many years (probably another 5 to 10 years of same type of volatility). something like that can wreck the economy of the country more than its own currency even if their local currency is losing its value.

Just probably trolling the President, lol.

Yes, he is a bitcoin enthusiast and what better way to promote it but to talk to the President himself, make a safe win-win bet against him and then surprise surprise bitcoin has another state legalizing it.

But I don't think that the Argentinian President will bite though, he is surrounded with a lot of financial advisors and I'm sure that they know what Tim is trying to do here. But it's good to hear him trolling the whole country and hyping bitcoin. 

[Nadziratel]

It's not just Argentina. Blockchain and crypto coins are a nice opportunity for every country experiencing economic development. It's very important to use it just right.

[superstarbtc]

Tim Draper the visionary who is behind the bitcoin prediction it is advisable to take his prediction for country economic future and south American countries necessarily need to adapt to bitcoin as best alternative

[shamc]

Tim Draper is doing great things for bitcoin by talking to world leaders and encouraging them to save their economies by adding bitcoin as a supporting currency. Majuro should have done that before

[slaman29]

What's the point in comparing a single peso with 1 bitcoin? It is the same as investing 100$ into bitcoin or ETH. From investment point of view there is no matter what is the current price. THe only thing that matters is a % of future growth.
Also central banks are not trying to deflate the price of their currency so crypto is not that relevant to the global economy.

Exactly right. I don't really get people who say it's cheaper to invest in ETH than in BTC, or even in USD than in GBP. It's the same result whatever you choose to invest in. Units of the currency don't matter, it's how much they're worth that does, and how much potential you feel there is for growth, and the level of risk you're willing to put up with.

I do agree crypto's not relevant YET but in the future who knows?

[Mpamaegbu]

It's cool the guy had a chance to meet the president, but his bet sounds unrealistic and I bet the president thought it was a joke. Not to mention that it might as well be that it's not up to president to choose the national currency. Moreover, even though I like the idea of bitcoin as money, it seems clear that bitcoin itself cannot be adopted that widely. How will people buy food in the supermarkets, waiting around an hour for network confirmations? Someone might of course take the responsibility for this part, but this will mean there's now an intermedairy that will probably charge additional fees. And bitcoin fees are okay when the network is not busy, but we've seen how high they can be. I think that bitcoin as we have it nowadays is not apt to the task. Lightning network might be a viable solution, though.

Yes, this is true in respect to the terms and given that Argentina isn't having any crisis with her economy unlike what we had with the Venezuela economy and how Maduro snuggled in Petro. But come to think of it I do believe that countries should on their own adopt one form of cryptocurrency or the other without any coercion from any quarters. It's the rave of the moment and no one should go against the tide.

[stompix]

Yes, this is true in respect to the terms and given that Argentina isn't having any crisis with her economy unlike what we had with the Venezuela economy and how Maduro snuggled in Petro. But come to think of it I do believe that countries should on their own adopt one form of cryptocurrency or the other without any coercion from any quarters. It's the rave of the moment and no one should go against the tide.

Speaking of Venezuela, during the last two blackouts, how convenient was to use bitcoin and dash? 

that is a stupid decision, and it seems like Tim is either a big idiot who doesn't understand economy or he is trolling the whole country while trying to hype bitcoin up!
we all love bitcoin and we know of its potential but to declare it as a national currency today that price is still very volatile and there is manipulation in the market and also the whole thing is still small, is a terrible idea. and we know that this situation is not going to change for many years (probably another 5 to 10 years of same type of volatility). something like that can wreck the economy of the country more than its own currency even if their local currency is losing its value.

Or both and I'll add imbecile on top of it.
Seriously permabulls and permabears are so similar, there isn't a single moment they aren't trying to turn themselves into the laughingstock of everybody that hears them.

Before claiming that BTC once legalized will help their economy, how about he comes with ONE single example of a country where cryptos have helped their economy? One example with facts!!!

And when I see all those spammers here praising something they don't have a clue what it means or what would imply...

It's not just Argentina. Blockchain and crypto coins are a nice opportunity for every country experiencing economic development. It's very important to use it just right.

It's also very important that you go......

[TheCoinGrabber]

Last I've watched anything about Argentina, it was saying that the economy is stagnating. I don't think Bitcoins would make a significant difference for their economy though.

There may be small benefits to legalizing it though since it may facilitate entry of capital from elsewhere. For example people selling digital goods and services have another way of receiving payments.