Tim Draper, an American venture capital investor recently had a chat with NJ Tech council in which he said that it is time to reopen the U.S economy. Draper said that it can take up to three years for the U.S. economy to bounce back otherwise.
Back in early April Draper was in support of President trump’s move to decentralize the state governments to make their own decisions.
However, he criticized the U.S government by saying that they made a huge policy mistake by not letting the population achieve herd immunity with the lockdown.
Effect of the lockdown on the U.S economy
Draper believes that the Virus has, by keeping us all inside, has gotten our creativity running. He was very vocal about the effects of lockdown on the U.S economy by tweeting that so many more people will die from a crashing economy than from this virus.
Many people across the country were against Draper’s controversial statement of re-opening the economy.
The U.S employment rate is up by 23 percent in April. A V-shape recovery for the U.S economy is highly unlikely to happen, draper said.
We can expect an L shape recovery and the effect could get worse if we don’t re-open the economy.
Opportunity for Bitcoin to shine
Draper jokingly promised that If Bitcoin does not hit $250k by the end of 2022, he will eat a raw egg. Followed by which he also shared arguable tweets with Warren Buffett on his statement
The billionaire believes that the value of the US dollar will eventually decrease and after the lockdown people will realize that it is time to switch to Bitcoin due to its decentralized nature.
During the interview, he added that he advised his companies to not spend any more money, which he thinks was a great idea as they were able to cope up better with the lockdowns effect.
The USA is in a stroke of fighting the economy leading to eminent recession which eventually is affecting the bitcoin price swing above $8000 within 3 days.
However, the Price factor is on edge until the 3rd bitcoin Halving event happened on 3rd May.
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