For the economy: Tim Draper urges Argentina to legalize cryptocurrency

While there are many individuals known within the cryptocurrency community as an “influencer”, there are few people in the world that are as respected as Tim Draper that are constantly bullish about cryptocurrency and its future. It appears as though Draper is now urging the president of Argentina to legalize cryptocurrencies like Bitcoin Core (BTC).

For those in the finance world, the name “Tim Draper” is not a new one. Draper is a legendary Silicon Valley venture capital investor who actually comes from a line of venture capitalists before him. He is known for early investments in Skype and Tesla, both extremely successful companies in their own right.

He has been bullish about cryptocurrency for some time now, and staunchly believes that fiat currency will slowly be phased out in favor of cryptocurrency within the next several years. While there certainly are other rich and influential individuals who believe in Bitcoin, Draper stands out for his accurate prediction of when Bitcoin would hit 10,000—when many other predictions were much more inaccurate. He also believes the digital asset will hit $250,000 by 2022.

Draper isn’t actually just commenting on the situation, but has actually met with Argentina’s president, Mauricio Macri, to discuss the potential of legalizing crypto. This is a testament to just how influential and connected that Draper is, and Draper framed the conversation in the form of a bet. Apparently, Draper stated that he would double his investments in Argentina if the peso gained value at a higher rate than Bitcoin, but that otherwise, Bitcoin would have to be declared a national currency, according to Cointelegraph.

This isn’t the first time that Draper has commented about a foreign country and how they should regulate cryptocurrency. He previously warned India about their stance on cryptocurrency and blockchain, and stated that he would tell the Prime Minister Narendra Modi that he was making a “huge mistake.”