American venture capitalist investor, Timothy (Tim) Draper, supported the recent ban removal on cryptocurrency trading and usage in India. He noted that “the best ideas ultimately prevail,” and predicted that Bitcoin will perform quite well in this financial crisis.
The popular investor has previously shown a rather skeptic approach to investing in the Indian market. Back in 2019, reports had it that the nation will decide if migrants from some countries can become citizens based on religion. Draper outlined his concerns on this legislation, known as the “Citizenship Amendment Act.”
Additionally, the Reserve Bank of India (RBI) had placed a directive that practically stopped any cryptocurrency usage in the nation. However, that changed at the start of March, when the Supreme Court quashed the directive.
As India is the second-most populated country in the world, the ban lift presents a significant opportunity for business expansions and investments. For example, Binance and local cryptocurrency exchange WazirX recently announced a $50m “Blockchain for India” fund to invest in blockchain-based startups.
Draper Associates founder also supported the ban removal, according to a local report:
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail.”
On the topic of investing in the country, he said: “I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
Draper is among the most popular Bitcoin believers. Having previously said that millennials should invest in the largest digital asset and that its price will reach $250,000 by 2023, he now implied that BTC’s merits will become evident during the next recession.
“[…] The benefits of Bitcoin and crypto over current systems will become apparent during this crisis. Long term, I think this crisis will allow people to recognize that Bitcoin is simply a better way to hold value and spend money than through our current banking system.”
The community has commented openly on BTC’s role in a potential economic setback. Born during the last recession in 2008, the general belief was that it would perform rather well when the next one comes.
Lately, though, when investors were selling-off their assets due to the coronavirus effect, Bitcoin, as well as all other investment instruments, plunged. Draper, however, believes that this is only “institutional panic,” and the cryptocurrency market will recover quickly.