Tim Draper Warns Against Governments Trying To Stop Bitcoin
The DeFi is taking over the financial world, and according to more experts, those who are not on board with tech innovations such as Bitcoin and the underlying tech, the blockchain, will be left behind.
2020 is expected to be a great year for the crypto industry, especially in terms of developments and use cases.
Tim Draper sends a message to Prime Minister Modi and the Indian government. The 1,027-word open letter, published on Wednesday, covers Draper’s vision on fostering prosperity:
“There is a simple formula for wealth in a nation. It is freedom, fairness, and frictionlessness. Each of these tenets bets and work to their fullest potential when unfettered – freedom is maximized when there is minimal regulation; fairness without bias in government, and frictionlessness without trade barriers,” Draper said.
Restricting Bitcoin as a currency is a bad idea
In line with these three values, Draper talked about three moves by the Indian government – one of these was restricting Bitcoin as a currency, as reported by the online publication the Daily Hodl.
“Bitcoin, the Blockchain and smart contracts have the potential to transform some of the biggest industries in the world, and the next 40 years will be defined by what happens today. Governments that mess with technological advancements like Bitcoin run the risk of being left behind,” he said.
He continued and made a comparison, just to highlight his idea better: “Imagine what would have happened to countries that didn’t allow the internet. Bitcoin promises to be ten times as big as the internet.”
Back in April 2018, the Reserve bank of India banned enterprises and citizens from engaging in Bitcoin and crypto-related activities.
We recommend that you head over to the original letter in roder to find out more details.
Bitcoin is currently trading in the green, and the most important coin in the market is priced at $8,670.95.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.