“Bitcoin will make El Salvador one of the richest countries in the world”: Tim Draper

North American investor and Bitcoin evangelist, Tim Draper, spoke about El Salvador during a conversation with Rachel Wolfson on her Web3 podcast, in which he explained how confident he is about the Central American country’s future after declaring digital currency. Are optimistic. Currency, as legal tender, more than 2 years ago.

“El Salvador will be the most attractive country in the world to live, and in about 30 or 40 years it will become one of the poorest countries with high levels of violence; To become, perhaps, One of the richest and most innovative countries in the world. And that will only happen because you adopted Bitcoin,” said the billionaire venture capital investor and founder of Venture Capital.

While predicting a promising future for El Salvador, he also talked about the United States, whom he believes, on the verge of economic collapse, He then used an anecdote to highlight his vision of the future of his country.

“When I was a child 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 replied: Nothing, because no one will accept them.

Tim Draper, on the Web3 Podcast.

Bank notes of the Confederate States of America had a relatively short lifespan, as the Union existed only during the American Civil War, which occurred between 1861 and 1865. Therefore, bank notes of the Confederate States of America were in circulation during those years, although they lost almost all of their value after the surrender of Confederate forces in 1865.

Speaking about this part of North American history, Draper predicts that fiat money currently used in the United States will suffer the same fate as dollars from the time of the Confederacy, i.e. they will eventually disappear. Will go.

“In about 10 years, there will come a time when you will walk into a store and They will not accept the money you have in your hand or in your bank accounthe said just before highlighting the importance he sees in US spot bitcoin exchange-traded funds (ETFs).

Regarding ETFs, he said they are “a tool Companies can acquire Bitcoin in a very easy way And they’re really the key to protecting ourselves from the blow to the dollar. Draper says Bitcoin “is a guarantee that you will be able to continue to pay for food, clothing and housing for your family. And when Silicon Valley and the banks go bankrupt, you’ll still be able to keep paying salaries,” he said.