Billionaire Venture Capitalist, Tim Draper had made a wager with the President of Argentina over the future of Bitcoin (BTC). The bet comes as Draper urged the country to consider legalizing and adopting the top-ranked cryptocurrency as means of solving most of its current economic situations.
Draper also believes that in time, BTC would become even more valuable than fiat currency. Meanwhile, the Argentinian government has in recent times, made significant strides in embracing Bitcoin, cryptocurrency, and blockchain technology.
Draper Calls for Greater Bitcoin Adoption in Argentina
In a recent meeting with Argentinian President, Mauricio Macri, Draper offered up Bitcoin adoption as a means by which the country could improve its current economic situation. According to a local media platform, La Nacional, the billionaire investor urged the President to legalize BTC and to encourage greater utilization of cryptocurrency within the country.
Commenting further on the discussion with President Macri, Draper said:
“We talked about bitcoin and the devaluation of the peso, and I proposed a bet: if the peso was valued more than the bitcoin, I double the investment I am making in the country, and if the bitcoin acquires more value than the peso, he had That would be a perfect solution because there is no confidence in the currency.”
For Draper, Argentina is presently at the crossroads and needs to take concrete steps or risk losing its top minds in a swift brain drain to other countries. By adopting the emerging cryptocurrency market, Draper believes that Argentina can position itself as a viable option for emerging entrepreneurs in the burgeoning industry.
Bitcoin More Fluid than Fiat
On Sunday, (March 24, 2019), the popular VC held an interactive session on Facebook where he offered some advice on investing in BTC. Draper who invested about $18 million in BTC back in 2014 said investors shouldn’t pay too much attention to short-term price movements.
Explaining further, Draper declared:
“I never make Bitcoin predictions in the short term because short term anything can happen. It [Bitcoin] will move up and down and if you’re investing in the short-term, you’re making a mistake. People can manipulate the price, it moves up, moves down depending on big customers coming in to buy or big owners coming in to sell.”
The billionaire VC also stated that BTC would eventually become more valuable than fiat. Like Twitter and Square CEO, Jack Dorsey, Draper believes that Bitcoin is the future of money and its fluid dynamics would be of greater benefit to its owners than those who hold fiat money.
Bitcoin Will Surpass Gold
While Draper continues to talk up BTC’s future potential, another billionaire is also making bold predictions for the top-ranked cryptocurrency. Mike Novogratz, the CEO of Galaxy Digital believes that BTC could exceed the market capitalization of gold which currently stands at about $8 trillion.
— Pomp ???? (@APompliano) March 20, 2019
Like Draper, Novogratz asserts that BTC’s rise will be a gradual process with the Galaxy Digital CEO predicting the duration of twenty years. Novogratz’s timeline is similar to the one offered by EOS CEO, Brendan Blumer who recently predicted that BTC would replace gold as the premier store of value within a couple of decades.
For Novogratz, the influx of institutional investors like Intercontinental Exchange and Goldman Sachs will trigger the increase in BTC value over time. Speaking to Anthony Pompliano, the founder of Morgan Creek Digital, Novogratz opined:
“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.”