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Bitcoin digital currency has worked its way into the fabric of international commerce in every corner of the globe. However, there are still some specific geographic locations where its overall benefits cannot be felt. Even though the entire cryptocurrency industry has been able to gain a wide spectrum of support over the past several years, there is still room for further growth and expansion.
A recent post by Helen Partz for the crypto website ArmyOfBitcoin.com points to one of those opportunities for Bitcoin’s expansion into Argentina. Tim Draper has established himself as one of the leading bulls for cryptos. As an American venture capitalist, he believes very strongly in the industry. In a report by ArmyOfBitcoin.com en Espanol earlier this month, he has advised the country’s president to legalize Bitcoin (BTC) as a way to help stimulate the sagging economy.
Through the use of emerging technologies such as blockchain and crypto, they have the potential to address some of the major problems that have plagued this country in recent years. This includes the devaluation of the Argentine peso (ARS). He also discussed the associated ‘brain drain’ in this technology’s absence.
“We were speaking Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there’s a lack of confidence in this coin.”
He went on to explain to Maria Julieta Rumi in an interview following his meeting, that he believes in his pro-crypto stance. He also believes that Bitcoin and blockchain technology have even greater potential than the internet. Adopting Bitcoin into Argentina’s economy will have a positive impact on the country’s banking, commerce and financial systems.
Draper went as far as to predict that Bitcoin will climb back up in value to $250,000 between 2022 and 2023. This will account for five percent of the global share of all markets. The reasoning is bitcoin as “decentralized and open, frictionless and global.”