Tim Draper, a venture capitalist famous for his bitcoin price predictions, has praised El Salvador’s vision of embracing this new technology and talked about the benefits of this decision for its people. According to Draper, bitcoin will make El Salvador one of the richest countries in the world in the next 30 or 40 years.
Venture Capitalist Tim Draper Praises El Salvador’s Bitcoin Allegiance
Venture capitalists and financial analysts are starting to appreciate the view of those who invested in bitcoin in its early stages. Tim Draper, an investor and founder of several venture capital organizations, recently pondered over the decisions that made El Salvador warm up to adopting bitcoin as a legal tender and its repercussions for the nation’s future.
In the Web3 Deep Dive podcast, hosted by cryptocurrency reporter Rachel Wolfson, Draper stated that bitcoin is helping El Salvador to grow and become a better nation, and will determine the country’s future in the coming years.
Draper stressed:
They will have within maybe 30 or 40 years gone from the poorest most crime-ridden country to maybe one of the richest most innovative countries in the world just in that period of time and just because they embraced bitcoin.
Furthermore, Draper also stated that the bitcoin purchases by Salvadoran President Nayib Bukele will allow the country to pay off its debt to the International Monetary Fund (IMF) and “never have talk to them again.” Draper has predicted that bitcoin will reach $250,000 by this year, stressing that there will be a run on the banks in the future and people won’t want dollars anymore.
Bukele was the catalyst for the nation’s embrace of bitcoin. He and Nuevas Ideas (New Ideas), the ruling party, were the political force that spearheaded the approval of the so-called Bitcoin Law in El Salvador over two years ago. Nonetheless, the IMF has criticized El Salvador by the IMF for taking this decision, asking it to drop it due to the risks that the institution found in this policy.
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