2024-03-14 21:39:01
American investor and bitcoin evangelist Tim Draper spoke about El Salvador during a conversation with Rachel Wolfson on her Web3 podcast, in which he made clear how optimistic he is about the future of the Central American country after having declared the digital currency, as legal tender, more than 2 years ago.
“El Salvador will be the most attractive country in the world to live in, and in about 30 or 40 years it will have gone from being one of the poorest, with a high level of violence; to become, perhaps, one of the richest and most innovative countries in the world. And it will happen only because you adopted bitcoin,” said the billionaire venture capitalist and founder of Venture Capital.
While he predicted a promising future for El Salvador, he also spoke about the United States, which he believes is on the brink of an economic abyss. He then used an anecdote to reveal the future he envisions for his country.
“When I was little, my father gave me one million Confederate States of America dollars (first used in 1861). I looked at the bills and said, Wow, a million dollars! What can I do with this? To which my father responded: nothing because no one will accept them. “Tim Draper, on the Web3 podcast.
Banknotes of the Confederate States of America had a relatively short lifespan, as the Confederacy only existed during the American Civil War, which took place between 1861 and 1865. Therefore, banknotes of the Confederate States of America were in circulation during those years, although they lost all their value after the surrender of the Confederate forces in 1865.
Speaking of this part of American history, Draper predicts that the fiat money currently in use in the United States will have the same fate as Confederate-era dollars, that is, they will eventually disappear.
“In about 10 years, there will be a time when you will walk into a store and they will not accept money in your hands or in your bank account,” he said just before highlighting the importance he sees in ETFs. usa bitcoin
Regarding ETFs, he said that these “are a tool for companies to maintain bitcoin in a very easy way and are key to protecting you from the race that the dollar will suffer. Draper adds that bitcoin “is the guarantee that you will be able to continue paying for food, clothing and housing for your family. And you will also be able to continue making payroll when Silicon Valley and the banks go bankrupt,” he noted.