A billionaire predicts that El Salvador will soon be among the world’s wealthiest countries thanks to Bitcoin
Tim Draper, a venture entrepreneur, predicts that El Salvador, now one of the world’s poorest nations, will become one of the world’s wealthiest thanks to Bitcoin (BTC).
El Salvador’s President Nayib Bukele’s choice to invest in the king crypto and establish it as a legal tender in the nation will pay off, according to prominent crypto bull Anthony Pompliano, who was recently interviewed.
Draper, an early investor in Bitcoin, predicts that consumers will eventually start using digital currencies to pay for everyday items, effectively replacing fiat currencies. He then goes on to discuss two potential growth areas for Bitcoin use in the near future.
Draper claims that female consumers are an underserved market for Bitcoin, but that their use of the dominant cryptocurrency is on the rise. Further, he predicts that blockchain protocols will replace conventional financial techniques in use by many retailers.
“That’s an unusual number, to say the least. Eighty percent of consumer spending is controlled by women. And up until very recently, just roughly one in every sixteen Bitcoin wallets belonged to a woman. It’s closer to one in eight these days.”
If a store accepts Bitcoin, which is becoming more feasible thanks to OpenNode, the added revenue of 2% will go straight to the bottom line. And they’re going to push their clients in the direction of accepting Bitcoin as payment.
“As soon as I can use Bitcoin to pay for necessities like food, clothes, and housing, I won’t have any need for the political funding that I now use. As for me, I’d simply keep my Bitcoins in the bank. I believe there will come a time when fiat money has something of a run when people say, We’ve got to get out of this.”
Many people do not agree with Draper’s latest prediction that Bitcoin’s price would reach $250,000 in six months.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.