The adoption of Bitcoin in Sri Lanka and the widespread deployment of artificial intelligence could transform the country into a paradise for global entrepreneurs, said venture investor and billionaire Tim Draper, according to Daily Mirror.
He noted that El Salvador and Estonia have undergone similar transformations.
The entrepreneur met with representatives of local startups and key figures in Sri Lanka, including its president Ranil Wickremesinghe.
“How do you attract business to a country? If you had 5G everywhere, if Bitcoin were the currency, if you had a specialization in AI and a drive to digitise the country, amazing things could happen. […] Why not step forward and declare that Sri Lanka— a country that will implement technologies for all?” — he said.
The billionaire explained the case for legalising digital gold as a hedge against the rupee’s devaluation, which has fallen by about 80% against the US dollar in the last six months.
“Of course, Bitcoin has taken a big hit, but it’s not as bad as that. Entrepreneurs would say they’d rather have a currency that grows in value over time than one that is almost guaranteed to lose value next year,” he explained.
According to Draper, decentralized cryptocurrencies could potentially avert a coming economic crisis sparked by excessive money printing and profligate spending.
Bitcoin is a global, transparent, and immutable ledger, a faster way to transfer money, and a means for governments to raise tax revenue while cutting corruption and wasteful spending, he added.
“I believe the next revolution — cryptocurrencies, and then AI — has the potential to be even greater than what the Internet achieved in its time”, the billionaire said.
Coinbase CEO Brian Armstrong proposed Bitcoin as a common currency for Brazil and Argentina.