Tim Draper believes that in 40 years, countries that have adopted Bitcoin will be some of the richest nations in the world.
During an interview with Anthony Pompliano, entrepreneur and cryptocurrency investor, risk asset manager Tim Draper has expressed his admiration for Nayib Bukele, president of El Salvador, while noting that Bitcoin could make the nation one of the richest in the world.
According to Draper, countries that have opted for Bitcoin as legal tender early on will go from being poor nations or with an unstable tax system to being some of the richest nations in the world. However, this will not happen overnight, but rather It will be a long process that can last up to 40 years.
In this sense, he gives as an example El Salvador Street, Central African Republic and Malta, which are already beginning to see the benefits of adopting Bitcoin as legal currency, but he also had words for Switzerland, which has made Bitcoin an important part of its economy.
Tim Draper is known for being one of the first big Bitcoin investors and is sure that, in the future, Cryptocurrencies will be massively adopted by people. At that point, Bitcoin and other cryptocurrencies will become a form of payment for everyday expenses, replacing fiat currencies.
Two basic areas for the adoption of Bitcoin and cryptocurrencies
In this sense, Draper mentions two basic areas that can drive Bitcoin adoption in the short term: women and retailers.
Women are an underpenetrated demographic in the crypto space, something that has been changing in the last year, with a rapidly growing pace of adoption and acceptance. Furthermore, retail merchants must start using crypto payment gateways, so that cryptocurrencies become a real option for payments.
According to Draper, Women manage 80% of retail spending. Until recently, 1 in 16 Bitcoin wallets belonged to a woman. Currently, the number of Bitcoin addresses owned by women has increased and now represents 1 in 8, indicating rapid growth in adoption.
On the other hand, when retailers begin to implement Bitcoin payment gateways efficient, whether through solutions like the Lightning Network or through third-party gateways, will see their profits increase, so They will encourage their customers to use Bitcoin.
This (along with other macroeconomic factors and the entry of large institutions) could mean the start of rapid widespread adoption; When you can buy food, clothes or pay rent in Bitcoin, why use a currency controlled by governments?
El Salvador and sovereign debt
Meanwhile, on Wednesday, December 7, El Salvador Street completed a second sovereign debt buyback, value of more than 82 million dollars which matured in 2023 and 2025. With the repurchase of the total debt, the country has saved more than 288 million dollars.
In total, El Salvador has repurchased debt worth 647,2 million dollars, in two purchases: the first for 565 million and the second for 82,2 million.
On the other hand, taking advantage of the drop in the price of Bitcoin caused by the FTX debacle, Nayib Bukele announced that I would buy 1 Bitcoin every day to increase their holdings.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
