Tim Draper meets with the Argentine president; recommends replacing fiat currency with bitcoin

On March 20th, Tim Draper met with Argentine President Mauricio Macri and suggested to promote reforms to attract entrepreneurs. One of his suggestions to the president was to replace the Argentine local fiat currency Peso with Bitcoin.

The local media mentioned Draper’s views on the potential of new technologies and Bitcoin.

Draper is a celebrity in the venture capital industry and a different-viewed person in the eyes of others. When most people are not optimistic about a technology or company, he is more willing to support, such as investing in Hotmail. Draper is the first investor in Silicon Valley to invest in China. He also purchased a lot of bitcoin (about 40,000) in an auction in 2014.

Draper also established a venture capital fund in Argentina, so he had the opportunity to meet the president of the country and suggested that he reform Argentina to avoid brain drain caused by the economic situation.

For the content of this meeting, Draper revealed:

“We talked about bitcoin and peso value, and also made a bet: if the peso’s depreciation amount is less than bitcoin, my investment in the country will double; on the contrary, he will set bitcoin as the national currency. This will be a perfect solution because people lack confidence in the French currency”

In the same interview, Draper explained

“I think Bitcoin will be worth $250,000 between 2022 and 2023. This means that Bitcoin will account for 5% of the world money market, which is sure to happen, because once you have a chance to choose between Bitcoin and pesos or US dollars, people will choose Bitcoin because Bitcoin is decentralized, Open, frictionless and global. This is a great currency, unlike other currencies, it is not affected by the government… This is why I made this prediction, and then betting with the president is actually a joke: he is a smart person, he will study the bit himself. Currency, study its significance to Argentina”.

When he participated in another event in the local area, he said that if it becomes a cryptocurrency-friendly country, Argentina will attract more entrepreneurs: “I suggest that he (the president) set bitcoin as the national currency and use 5G to let the market solve the problem… so that people will come to the ground and start their own business in Argentina.”

Draper explains why he believes bitcoin and blockchain are more revolutionary than the Internet.It is now the best time for Argentine entrepreneurs to be killed. Heroes are the time to appear. This country has some of the best entrepreneurs.I am interested in Bitcoin and its technologies, such as blockchains, smart contracts, payment channel networks, and open nodes. These technologies will revolutionize banking, trade and financial systems, and are also influenced by big data; this technology also brings about deep learning and artificial intelligence improvements.

He also talked about the reform of artificial intelligence in the healthcare and insurance industries. If you master big data and use smart contracts at the same time, you can launch very interesting insurance services. Bitcoin can be used as a premium for such contracts created through the blockchain, and the claimant can receive immediate payment after submitting the application.This can be used for social security, health insurance, and all services provided by the government. Now, the government has a better tool that can transcend national borders.This is very simple, just need to move closer to the decentralization process. This movement will become crucial, all geographical boundaries will cease to exist, and we will enter a huge world.

It is worth noting that this is not the first time Draper has met with the Argentine President. When he first met the President of Argentina in 2017, he also suggested that he invest in Bitcoin and said: “If the local currency collapses (which is what happened), then whoever owns Bitcoin will be safe”

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