Tim Draper, famous venture capitalist, predicts that El Salvador will become one of the richest and most innovative countries in the world within 30 or 40 years, thanks to Bitcoin.
Summary
Tim Draper and his optimistic prediction about the future of El Salvador thanks to Bitcoin
The venture capitalist Tom Draper has come out with new predictions, this time regarding not only Bitcoin but also El Salvador, the country that made it legal tender since September 2021.
“Tim Draper expects Bitcoin to turn El Salvador into one of the richest countries in the world.”
In the Web3 Deep Dive podcast, conducted by cryptocurrency journalist Rachel Wolfson, Draper stated that in his opinion bitcoin will make El Salvador one of the richest countries in the world in the next 30 or 40 years. Here are his words:
“Within 30 or 40 years they will have gone from the poorest and most crime-ridden nation to one of the richest and most innovative nations in the world only in that period of time and only because they embraced bitcoin.”
The well-known billionaire praised El Salvador’s vision of embracing technology. Not only that, according to Draper, the purchases of bitcoin by Salvadoran President Nayib Bukele will allow the country to pay off its debt with the International Monetary Fund (IMF) and “not have to talk to them anymore.”
Tim Draper and his predictions on the price of Bitcoin
Tim Draper is also known for his Bitcoin price predictions, which are also very positive. In fact, the latest statement from the venture capitalist reiterates that Bitcoin (BTC) could reach $250,000 in 2024.
This estimate is based on a thorough analysis of the market and the potential of this crypto. It is a perspective based on the increasing acceptance of Bitcoin and its limited nature that could trigger an exponential increase in its value.
According to Draper, BTC is not just a cryptocurrency but is actually a real tool for economic change, thanks to its decentralization and security.
His prediction of the price of BTC at $250,000 has been affirmed over the years, during all the various price fluctuations, even negative.
For example, already in June 2021, Draper supported his prediction but got the year wrong, as at that time he predicted $250,000 by the end of 2022 or early 2023, which did not come true.
Yet, already at that moment, he was talking about the bullish trend also thanks to the increase in BTC adoption in El Salvador.
El Salvador’s earnings from BTC investments rise to $87 million
Just yesterday, there was talk of the increases in El Salvador’s earnings on its Bitcoin holdings, reaching a total of 84.5 million dollars. At the time of writing, these unrealized profits of the Central American country have risen to 87 million dollars.
First of all, this increase in earnings is based on the increase in BTC price which has just exceeded $73,000, also confirming its new all-time high.
At the time of writing, BTC is worth $73,150, a price never before recorded that therefore becomes its All-Time High (ATH).
Always yesterday, however, Nayib Bukele wanted to emphasize that the earnings in BTC of El Salvador come from four different sources which are:
- from the passport and citizenship program;
- from converting BTC to USD for local businesses;
- from BTC mining;
- from other government services.
