Tim Draper, a venture capitalist, says that the primary cryptocurrency will potentially enlist El Salvador among the richest countries across the globe, signifying that it will no more remain poor anymore.
In his latest interview, which was conducted by Anthony Pompliano (a famous crypto bull), Tim Draper predicted beneficial outcomes of the decision taken by Nayib Bukele (the President of El Salvador) to invest in the top crypto asset.
Tim Draper Believes El Salvador Will Become a Rich Nation with Bitcoin
As per the billionaire, Bukele’s decision to turn Bitcoin into a legal tender to operate across the country will result in huge gains with time. He mentioned that just 1 or a couple of the countries on Earth have initiated doing that.
The respective nations are quitting their poverty and endeavoring to occupy a place among the prosperous ones. Draper asserted that the results of this decision would become clear in the coming forty years.
He named the countries like Malta, the Central African Republic, and El Salvador to leverage Bitcoin to better their economic position. In his words, Switzerland and the above-mentioned countries are additionally getting a lot of benefits as the prominent cryptocurrency is playing a significant role in their financial progress.
Draper, who is also categorized among those who adopted Bitcoin in its early phase, is of the view that digital currencies would be massively adopted in the future.
At such point in time, he added, people would utilize these currencies to recompense for daily necessities. The billionaire disclosed that the respective currencies would eventually take the place of the traditional currencies.
As revealed by the pro-Bitcoin billionaire, there are a couple of factors that could escalate the wide-scale adoption of the primary cryptocurrency. Draper specified that women are adopting Bitcoin (BTC) at a gradually increasing pace.
Draper pointed out that several new retailers will potentially begin utilizing the blockchain protocols in the case of transfers and payments, leaving the methods of conventional finance.
The Bitcoin advocate explained his point by saying that eighty percent proportion of retail expenditure is controlled by women. He said that formerly women owned one among every sixteen BTC wallets.
However, he specified that the respective adoption has increased by 2 times as now one of every 8 BTC wallets has a woman owner. He revealed that the retailers are presently capable of embracing the chief cryptocurrency with OpenNode.
As he put it, they would encourage their clients to make purchases with the top crypto token. he moved on to say that there would be no requirement to move toward a political currency at a time when people would be able to purchase the things of their daily needs with Bitcoin.
He expressed a bullish sentiment for Bitcoin, saying that he would keep his Bitcoin holdings and would prefer selling the fiat currency in his possession for needs.
Billionaire Opines Bitcoin Will Touch $250,000 Mark in 6 Months
He considers that a time will come when fiat currency will lose its worth and waits to get rid of it. Recently, it was anticipated by Draper that the primary crypto token will touch the point of nearly $250,000 in the 6-month time, although it remains to be seen whether it is true. At the moment, the trading rate of Bitcoin (BTC) is around $16,960.