El Salvador’s ‘Bet’ Will Pay Off & 2 Key Drivers to New Bitcoin Rally

According to venture entrepreneur Tim Draper, Bitcoin (BTC) would certainly convert El Salvador from one of the poorest to one of the richest countries in the world.

In a recent interview with prominent crypto bull Anthony Pompliano, the billionaire forecasts that El Salvador President Nayib Bukele’s choice to invest in the flagship cryptocurrency and declare it official tender in the country on September 7, 2021 would pay off in the long run. He said:

“There’s only one or two countries in the world who have started to do that. They are going to go from the poorest to probably some of the wealthiest countries in the world over the next 40 years because they’ve done it. El Salvador and Central African Republic. And then Malta, of course, is going to benefit big. Switzerland is benefiting big because they’re making Bitcoin a part of their economy.”

In April of 2021, Draper had already said about Bitcoin:

“Bitcoin facilitates [a global economy] from the economic standpoint because it is a global currency. It doesn’t care where the borders are. It isn’t tied to one nationality or another.”

Draper, who recently predicted Bitcoin to reach $250,000 in 2023, continued and predicted a bright future for Bitcoin despite its price currently sitting at $17,000 and way off from its all-time high a year ago of $69,000. According to the investor, key to growth are adoption by women, who are significantly underrepresented and only account for a small percentage of BTC holders. Another key driver will be retail and other merchants, he detailed. Once they start accepting and promoting Bitcoin, the king crypto will take off.