Venture capitalist Tim Draper claims that Bitcoin (BTC) will likely transform El Salvador from one of the poorest countries in the world to one of the richest.
In a new interview with famous crypto bull Anthony Pompliano, the billionaire predicts that Salvadoran President Nayib Bukele’s decision to invest in the crypto king and make it legal tender in the country will pay off over time.
“There are only one or two countries in the world that have started doing this. They are going to go from the poorest countries to probably some of the richest countries in the world over the next 40 years because they did. El Salvador and Central African Republic. And then Malta, of course, will benefit greatly. Switzerland benefits a lot because it makes bitcoin a part of its economy.
Draper, an early investor in Bitcoin, believes there will come a time when digital currencies will gain widespread adoption and people will start using them to pay for the basic necessities of life, essentially replacing fiat currencies. . He goes on to mention two areas that could give Bitcoin adoption a boost in the short term.
According to Draper, women are a largely untapped demographic for bitcoin, but the speed at which they accept the crypto king is slowly increasing. He also adds that more retailers are likely to start using blockchain protocols for payments and transfers instead of traditional funding methods.
“It’s kind of an interesting statistic. Women control 80% of retail spending. And until recently, about one in 16 bitcoin wallets was owned by a woman. Now it’s more like one and eight.
“In retail, when the retailer can easily accept bitcoin, which they can now do with OpenNode, they’re going to realize that they can bring an extra 2% directly to their bottom line. And they’re going to encourage their customers to buy with bitcoin.
And as long as I can buy my food, clothes, and shelter all in bitcoin, why do I need a political currency? Why would I want fiat currency? I would just stick to bitcoin. I would sell all my fiat currency. And I think there’s going to be a time when there’s kind of a run on fiat currency where it’s like, we have to get through this.
Draper recently predicted that Bitcoin would hit a price of $250,000 in six months, although many disagree. At the time of writing, Bitcoin is changing hands at $16,960.
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