El Salvador Will Become Rich: Billionaire Tim Draper

Billionaire venture capitalist Tim Draper claims Bitcoin (BTC) will make El Salvador one of the world's richest countries. 

VC Tim Draper claims Bitcoin (BTC) will make El Salvador one of the world’s richest countries. 

The owner of 29,000+ BTC says that El Salvador President Nayib Bukele’s choice to invest in Bitcoin and allow it as a legal currency in the country will pay off in the long run in a recent interview with prominent crypto bull Anthony Pompliano. 

He stated that there are “only one or two countries in the world who have started to do that. They are going to go from the poorest to probably some of the wealthiest countries in the world over the next 40 years because they’ve done it.”

Draper Bullish On Bitcoin

Draper, who recently predicted that Bitcoin’s price will reach $250,000 in six months, believes digital currencies will be used to pay for fundamental necessities, replacing fiat currency. 

He then goes on to discuss two potential growth areas for Bitcoin usage in the near future. As with his prior predictions, he believes that women are an underutilized market for Bitcoin, but that their adoption of the leading currency is on the rise. 

In addition, Draper claims that conventional financial systems will give ways to blockchain technologies for trading at a growing number of markets. 

It is crucial to note that “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,” the billionaire said while adding: 

“At retail, when the retailer can easily accept Bitcoin, which they kind of can now with OpenNode, they’re going to realize that they can bring another 2% right to their bottom line. And they’re going to encourage their customers to buy with Bitcoin.”

last year, when Nayib Bukele was criticized for his acceptance of the world’s biggest cryptocurrency by naming it the bitcoin experiment. The president then backfired by stating ‘The Bitcoin Experiment’ as a ‘game over for fiat currencies’.