Tim Draper, a venture capitalist, praised El Salvador's policy. The country recognizes bitcoin as a means of payment and supports blockchain adoption. This will make the region one of the richest in the world.
Tim Draper praises El Salvador
Tim Draper was a guest on the Web3 Deep Dive podcast, hosted by Rachel Wolfson. During the interview, he stated that bitcoin helps El Salvador develop and become a better country.
In about 30 or 40 years (El Salvador) will go from being the poorest and most dangerous country to perhaps one of the richest and most innovative countries in the world (…) and only because it adopted Bitcoin
– he said.
Additionally, Draper stated that President Nayib Bukele's bitcoin purchases would allow the country to pay off its debt to the International Monetary Fund (IMF) and “never talk to them again.”
It is worth adding that as an investor, Draper has been investing in BTC for years. He predicts that the cryptocurrency will rise to $250,000 this year. In his opinion, consumers in the US are facing a serious crisis, which will drive demand for BTC. He believes there will be a run on the banks and consumers and investors will no longer want dollars.
Bukele and New Ideas maintain power in their country
Bukele himself is today the face of bitcoin adoption in the region. It was he who decided that in 2021 his country recognized BTC as a means of payment. In addition, a public network of bitcoin ATMs was established in El Salvador.
This year, Bukele won the presidential elections and his Nuevas Ideas (New Ideas) party won the parliamentary elections. The opposition claims that everything took place in an atmosphere of bending the law and the constitution. So far, however, her protests have been to no avail.
The government's bitcoin policy itself is controversial. The IMF mentioned by Draper criticized El Salvador for recognizing bitcoin as a means of payment and purchasing cryptocurrencies. Despite this, the country is currently making a lot of profit on its investment.
