Tim Draper, a millionaire venture capitalist from the United States, claims that bitcoin (BTC) would make El Salvador one of the richest nations on earth.
“Only one or two nations in the entire globe have begun to do it.Over the next 40 years, they will most likely move from being the poorest to being among the richest countries in the world because they have accomplished this.”
Draper emphasised the advantages of governments adopting “the Bitcoin economy” and using bitcoin in an interview with investor Anthony Pompliano that was released on Monday.
He compared El Salvador to Singapore and South Korea, two once underdeveloped nations that have experienced rapid economic growth, saying that “it’s all about freedom and trust” that is extended to the populace.
People seek freedom and possibilities, according to Draper; these things can be obtained through Bitcoin, and they are what lead to a nation’s success.
In addition to El Salvador, he included Malta, Switzerland, and the Central African Republic as nations that will prosper from BTC.He claimed that these nations will “benefit greatly because they are integrating bitcoin into their economies.”
That just shows you that you want more chances, more options as a customer, but not just for all your consumer goods, he said.“You want more choices of what government you want to work with,” he added.
New governments that are entirely virtual will emerge through the use of bitcoin, blockchain, smart contracts, and decentralised autonomous organisations (DAOs), and “you are going to be able to be a part of them,” according to Draper.Additionally, “land-based governments” will improve their efficiency.
The best approach is decentralisation.
In contrast to centralised governments that completely control people’s lives, frequently in damaging ways, Draper remarked that Bitcoin is decentralised and, as a result, leads to a decentralised government, citing Russia, China, and the USA as examples.The US government and regulators have paid close attention to the cryptocurrency industry, especially recently in the wake of the collapses of the Terra/LUNA ecosystem and the FTX exchange.
But according to the investor, “People are being liberated by good leaders who are pressing for their trust in them.
And the bad leaders are attempting to regulate, tax, control, and do other things.”
The US government should realise that it “wasted a tonne of money on 80,000 IRS officers – where, if they become a Bitcoin economy, everybody would be paying taxes automatically,” according to Draper, who admitted that he can appreciate the need for taxation.Everything would be on the blockchain, which would result in lower taxes and a lack of fraud.
However, he added that taxing BTC as an asset would be absurd; instead, it should be levied on transactions because doing so “would pay for probably a lot more than what the government is using it for – and far more efficiently.” In the meanwhile, as was previously reported, Draper reaffirmed his earlier projection that BTC will reach $250,000 in early November, however he modified the timing: rather than his previous prediction that it would happen in 2022, he said that this price would be reached by mid-2023.
At 11:00 UTC on Friday, BTC is now being traded at $17,218.
It has risen by 2.3% in one day and 1.4% in one week.It has decreased 66% in a year and 7% in a month.
News Summary:
– For this reason alone, according to billionaire Tim Draper, El Salvador will become one of richest nations on earth
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