Billionaire Investor: Millennials Should Invest in Bitcoin for Stable Retirement

• Tim Draper thinks that cryptocurrency will have a major role to play in future investments
• Bitcoin’s decentralized nature makes it an ideal currency for transactions.

Billionaire investor Tim Draper in an interview with Fox News on Wednesday said that millennials should invest in Bitcoin. Draper believes that millennials that invest in Bitcoin will be financially stable during their time of retirement. Draper also took a dig at the conventional banking systems by calling them an ‘oldsmobile’ while Bitcoin, on the other hand, is ‘not an oldsmobile’. He also accused the system of drowning millennials in hundreds of thousands of dollars of debt. He added:

“Things aren’t quite working for [millennials,]. With the current salaries, they can’t quite pay it off. It’s a really difficult time, and they’ve become renters rather than buyers because they have to.”

Draper considers Bitcoin as an option which offers decentralized investment. This implies that the youth need not pay any fees to the government for their investments or for menial activities such as using digital payment methods. He also emphasized the fact that the means of collecting money in the past are not the same as the present. He said that putting money away, penny by penny will not work. The future is going to be ‘global’ and not ‘tribal’.

Draper believes that the best way to involve oneself in the global economy is by ensuring “free movement of capital”. As Bitcoin is not centralized, its usage in transactions is not tied to a single entity. Moreover, like digital payment means it stays anonymous.

 

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