Billionaire Tim Draper Says El Salvador Will Become One of the Richest Countries on Earth For This One Reason
American venture capitalist and billionaire Tim Draper argues that bitcoin (BTC) will lead El Salvador to become one of the richest countries in the world.
In an interview with investor Anthony Pompliano, published on Monday, Draper discussed governments turning to bitcoin and adopting 'the Bitcoin economy', as well as the benefits of that move.
"There’s 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."
"It's all about freedom and trust" that is given to the citizens, he stated, comparing El Salvador with Singapore and South Korea - once poor countries that have quickly risen through the ranks.
Besides El Salvador, he named the Central African Republic as a country that will see success through BTC, as well as Malta and Switzerland, which he said will "benefit big because they’re making bitcoin a part of their economy."
People, Draper suggested, want freedom and opportunities: these lead to the success of a country, and they can be accomplished through Bitcoin.
"That just tells you that you want [...] more opportunities, you want more choices as a consumer, but not just for all your consumer goods, you want more choices of what government you want to work with," he said.
By using bitcoin, blockchain, smart contracts, and decentralized autonomous organizations (DAOs), new governments will rise, which are completely virtual, and "you are going to be able to be a part of them," said Draper. And "land-based governments" will become more efficient as well.
Draper noted that Bitcoin is decentralized and, therefore, leads to a decentralized government, unlike the
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