The famous Bitcoin investor, Tim Draper, has recommended the president of Argentina, Mauricio Macri, to make Bitcoin the national currency of Bitcoin.
Tim Draper campaigned on the 20th of March in a personal meeting with Macri for the abolishment of Argentina‘s fiat currency, the Peso in favor of Bitcoin. It is not the first time that Draper appeals to politicians. In 2017 he counseled the SEC in dealing with ICOs to prevent that the authority from blighting the innovative potential of ICOs.
Why Argentinians Understand Bitcoin As an Opportunity
According to Draper, the time of fiat money is over. It is politically partisan, inefficient and inflexible. The public in Argentina understands this description of fiat money much better than people in the US or in Europe. The inflation rate rose higher than 50% in February 2019. However, in the past, the inflation rate had been much higher. Following socialist policies in the last two decades, the inflation hit record highs of 5,000%.
Tim Draper is not the only advocate for the official adoption of Bitcoin. In fact, many Argentinians see Bitcoin as an opportunity to renovate the Argentinian economy. Or even more surprisingly, a comparably stable form of money.
Tim Draper became famous for audacious but correct bullish predictions. He bought about 30,000 Bitcoins in 2014 and became one of the richest Bitcoin owners successively. In the following years, he became one of the most prominent Bitcoin evangelists.