A “social transformation.” A “new form of global currency.” These are just a few of the glowing ways in which billionaire venture capitalist Tim Draper described Bitcoin to Argentine president Mauricio Marci in a recent ambassadorial sit-down.
Draper’s been a major player in the crypto space ever since 2014, when he won the auction for the 30,000 bitcoins the FBI confiscated during the takedown of the Silk Road darkweb marketplace. Draper’s spent the ensuing years evangelizing the Bitcoin Boom to anyone and everyone.
The billionaire’s recent audience, then, was President Marci and his Chief of Staff, Marcos Pena.
We are close. Now the question: how high is up!… https://t.co/arxwX5j49S
— Tim Draper (@TimDraper) November 27, 2017
In a private and informal meeting, Draper walked the two men through some major, if not general, points about cryptoeconomics and Bitcoin’s ramifications in extension.
The venture investor also allegedly advised them to invest in BTC themselves if they could get around to signing up for a local exchange.
One of the most interesting economic points Draper discussed was how Bitcoin could provide a sort of deflationary asset haven when fiat currencies experience hyperinflation.
Indeed, he reminded Marci and Pena that it was only back in 2014 — when he himself bought his first bitcoins from the Silk Road trove — that the Argentine peso collapsed:
“If the local currency implodes, as it once did here, whoever has bitcoins will be fine.”
The fact that President Marci even entertained the Bitcoin-related conversation should stymie any doubts about whether crypto-related regulations in Argentina will err on the side of leniency or not.
Argentina’s executive authorities are clearly interested, not threatened, by the potentials of Bitcoin and cryptocurrencies in general.
More adoption will be par for the course in the nation in the coming months, as the Argentine government has already started experimenting with Bitcoin-based apps like Opentimestamps.
TLDR: Billionaire venture capitalist Tim Draper just sat down with Argentina’s president to discuss cryptoeconomics. Draper even suggested buying BTC.