Tim Draper, a Bitcoin fan and billionaire investor, recently visited the central bank of Sri Lanka in an attempt to push the adoption of the popular crypto as an instrument that would help curb corruption in the country.
However, the pitch was not welcomed as nandalal Weerasinghe, the central bank Governor, bluntly responded that the nation was not considering accepting Bitcoin. Weerasinghe claimed that introducing BTC would only worsen the current crisis.
Draper wore a Bitcoin tie during his brief meeting with the bank Governor where he tried to persuade Sri Lanka to emulate El Salvador in using BTC. Draper said adopting BTC will help a country popular for corruption maintain perfect records.
Weerasinghe admitted that it was important for Sri Lanka to have its own Central Bank Digital Currency (CBDC) for the country’s monetary policy independence. He also said they would consider other technologies for delivering financial services.
The meeting between Draper and Weerasinghe came during the Billionaire’s visit to the island country a few days ago to shoot an episode for his TV show with the local businesspeople. Draper also met Sri Lanka’s President Wickremesinghe.
Sri Lanka’s Economic Mess
This year, Sri Lanka will celebrate 75 years of independence. However, the country continues to face a massive economic crisis. A few months ago, it defaulted on foreign loans worth over $50 billion. Sri Lanka is also experiencing a food shortage.
Recently, there were mass protests against the high living costs, which led ex-President Gotabya Rajapaksa to resign. One of the major reasons believed to be fueling the economic crisis is systemic corruption.
Draper’s Bitcoin Price Predictions
In 2015, Draper purchased over 29,000 Bitcoins worth $18.9 million at that time. That year, the Billionaire predicted the Bitcoin value would reach $10,000 within three years. In late 2017, The popular crypto crossed the $20,000 mark.
However, Draper’s price predictions have flopped ever since. He claimed in 2018 that Bitcoin would be around $240,000 in 2022, but last May, the entire crypto market began a prolonged winter. Now he expects BTC to reach $250,000 by December.
