The venture capital specialist believes that, with Bitcoin, El Salvador is building a great future, much better than that of the United States.
American investor and bitcoin evangelist, Tim Draper talked about El Salvador during a conversation with Rachel Wolfson on her Web3 podcast, in which he made it 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 it adopted bitcoin,” said the billionaire venture capitalist and founder of Venture Capital.
While predicting a promising future for El Salvador, he also spoke about the United States, which he believes is on the brink of the economic abyss. He then used an anecdote to reveal the future he envisions for his country.
“When I was little my father gave me a million dollars from the Confederate States of America (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.
Confederate States of America banknotes had a relatively short shelf life, as the Confederacy existed only during the American Civil War, which took place between 1861 and 1865. Therefore, Confederate States of America banknotes were in circulation during those years, although they lost their full value after the surrender of the Confederate forces in 1865.
Speaking about this part of American history, Draper predicts that fiat money currently in use in the United States will meet the same fate as Confederate-era dollars did, i.e., they will eventually disappear.
“In about 10 years, there will be a time when you’ll get to a store and they won’t accept the money in your hands or your bank account,” he said just before highlighting the importance he sees in U.S. bitcoin spot exchange-traded funds (ETFs).
About ETFs he said that these “are a tool for companies to hold bitcoin in a very easy way and are key to protect you from the run that the dollar will suffer. Draper adds that bitcoin “is the guarantee that you’re going to be able to continue to pay for food, clothing and housing for your family. And you’ll also be able to keep paying the payroll when Silicon Valley and the banks go bust,” he noted.
Source: Crypto News
