Tim Draper Proposes Sri Lanka to Legalize Bitcoin

Sri Lanka’s adoption of bitcoin and the ubiquity of artificial intelligence could turn it into a paradise for global entrepreneurs. This was stated by venture capitalist and billionaire Tim Draper, writes Daily Mirror.

He noted that El Salvador and Estonia have undergone a similar transformation.

The entrepreneur met with representatives of local start-ups and key individuals in Sri Lanka, including its president, Ranil Wickremesinghe.

“How do you attract business to the country? If you had 5G everywhere, if you had bitcoin as a currency, if you had an AI specialization and a drive to digitize a country, amazing things could happen. […] Why don’t you jump ahead and say that Sri Lanka — a country that will introduce technology for all?”, he said.

The billionaire explained the advice to legalize digital gold by the devaluation of the local rupee, which has depreciated by 80% against the US dollar over the past six months.

“Sure, bitcoin has taken a huge hit, but it’s still not that bad. Entrepreneurs will say they would rather have a currency that appreciates in value over time than one that is almost guaranteed to lose value next year.” he explained.

According to Draper, decentralized cryptocurrencies have the potential to prevent a future economic crisis caused by excess money printing and reckless financial spending.

Bitcoin is a global, transparent, flawless ledger, a faster way to send money, and an opportunity for governments to increase tax collections while reducing corruption and unnecessary spending, he added.

“I believe that the next revolution — cryptocurrencies and then AI — has the potential to be even greater than the internet has ever produced.”— shared the billionaire.

Recall that Coinbase CEO Brian Armstrong proposed bitcoin as a common currency for Brazil and Argentina.

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