The famous bitcoin investor Tim Draper has advised the President of Argentina to invest in bitcoin

The famous bitcoin investor Tim Draper has advised the President of Argentina to invest in bitcoin

Bitcoin does not cause concern of the Argentine government.

Well-known venture capitalocratic and bitcoin investor Tim Draper recently met with the President of Argentina Mauricio Macri and head of the administration of Marcos peña on the forum in Puerto Madero, organized by the Ministry of industry of the country. Draper advised the President of the Makri to invest in bitcoin.

Reportedly Draper throughout his trip to Argentina he wore a tie with the logo of bitcoin. In an interview with local media, he called bitcoin “social transformation” and “a new form of global currency.” Although Draper agreed that the cryptocurrency “is still a long way to go”, he also stated that bitcoin “is already a valuable part of society,” and added that “in the case of the collapse of the local currency (as it was before), this will not affect owners of bitcoins”.

Local media reported that during a personal meeting with Marcos peña Tim Draper noted that the technology of distributed registry (DLT) can be used for “termination of the bureaucracy,” and pointed to its potential to provide competitive advantages of Argentina “in a competitive environment of all governments”. As an example, he used “agri-food sector”, indicating that the use of “new technologies”, including bitcoin, [and] the blockchain] can transform Argentina into a “world leader” in the industry.

Tim Draper

The rise of bitcoin in Argentina continues

The position of Tim Draper in the cryptocurrency sphere recently was reinforced by the confirmation of his past predictions about reaching the five figure mark the price of bitcoin. In September 2014, Draper said in an interview with Fox Business that the bitcoin will reach $ 10,000 within three years. This statement has faced considerable skepticism, because at that time bitcoin was worth less than $ 500. In July 2014, Tim Draper won the auction held by the Federal Executive service of the United States, and acquired 30000 Petkanov withdrawn from the anonymous free market Silk Road (which ceased to exist).

Bitcoin enjoys relative popularity in Argentina, mainly due to the problems caused by the high inflation of the national currency in the country for many years. Last year the annual inflation rate exceeded 40%. This week local the turnover of bitcoins in Argentina has set a new record, exceeding the previous by more than 40%.

Bitcoin does not cause concern of the Argentine government. In August the Vice-President of the Central Bank of Argentina Lucas Lah said that the Central Bank “is not afraid of bitcoin, and supports its use in some cases.” At the end of October it became known that the government of Argentina uses a decentralized app OpenTimestamps based on bitcoin for fixing the number of daily publications the official publications. Last month it was announced the plan of introduction of cryptocurrency products on the largest futures market in Argentina – Rofex.

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