Tim Draper is a prominent figure in the world of Bitcoin and cryptocurrency. He is best known as a Bitcoin investor, entrepreneur, and evangelist. Most recently, he recommended Bitcoin to the president of Argentina. It was an interesting comment, although it is doubtful much will come of it.
Bitcoin is a Good fit for Argentina
Everyone who has kept tabs on the financial situation in Argentina knows something will need to change. Although this country isn’t doing as badly as Venezuela, things are not that much better either, as the local currency is tanking. According to Tim Draper, Bitcoin is the solution this struggling country needs, although opinions are somewhat divided on that front.
While it is true Tim Draper can spot a major business opportunity from miles away, it remains to be seen if Argentina will actually embrace Bitcoin. Draper recently sat down with the country’s Chief of Staff Marcos Peña and President Mauricio Macri as part of the Forum of Investors, which took place in Puerto Madero last Thursday. The event was an opportunity to discuss various financial developments. Bitcoin is the talk of the town right now, and the discussion eventually turned to the world’s leading cryptocurrency.
Argentina is a country with a lot of problems, but it also represents an interesting investment opportunity for daring entrepreneurs. It all depends on how the situation in Argentina evolves in the coming months, both from a financial and a technological perspective. If the country were to focus on blockchain and cryptocurrency more than it does today, it is possible some of its problems could be solved rather quickly. Tim Draper feels the blockchain may end the bureaucratic machine as we know it and introduce far more streamlined solutions.
Regardless of how one wants to look at it, very few governments around the world see eye-to-eye right now. Everyone has a different political agenda and will use any means necessary to reach their goals. Argentina is in a prime position to become a leader by embracing blockchain technology. Moreover, Bitcoin shouldn’t be ignored either. The world’s leading cryptocurrency has made a major impact on the world in 2017, and it could do a lot of good for Argentina’s economy.
For his part, Tim Draper feels Bitcoin will have a positive impact on Argentinian business in general. The currency is not controlled by banks, but that doesn’t make it less viable than national currencies in this regard. Bitcoin represents a social transformation, according to Draper, and he feels Argentina should adopt the world’s leading cryptocurrency as an official currency. It would not replace the local currency, but making it legal tender would certainly introduce some interesting changes to the economy.
Whether or not President Macri will take Draper’s recommendation to heart remains to be seen. Argentina is in a somewhat difficult position, and it has little to lose by embracing Bitcoin in an official capacity. Things can’t become much worse than they are now, and Argentina may very well become one of the largest Bitcoin hubs in the world.
About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.