During an interview with FOX Business, Tim Draper, a renown billionaire, advised millennials to buy Bitcoin.
According to the report, Draper sees that Bitcoin is of particular importance to millennials looking to keep ample money for retirement, claiming that the conventional banking system is outdated:
“You look at Bitcoin and you say ‘Hey, this is great because it’s not my father’s Oldsmobile. Our banking system is the Oldsmobile, is the old Oldsmobile.”
On the other hand, Draper blamed traditional finance system for putting burden of hundreds of thousands of dollars of debt on millennials.
He explained that “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. It is important to be able to move freely and move capital and goods freely throughout the world.”
For these reasons, Draper recommends that millennials begin to build their ” empire in the new model,” which does not impose heavy transaction fees and strict regulations, unlike traditional money. He emphasized that just putting money aside as older generations did in today’s economy won’t cut it, concluding:
“I think if you really want it to work, I think you go bitcoin or crypto.”
Some assume that Bitcoin is the answer for a financial system that is extremely inflationary and debt dependent. To fix some of these issues, Bitcoin will allow retailers to start setting prices in BTC instead of their local currency. The reason is that if prices are set in the local fiat currency, inflation will still affect the goods and services prices.
Earlier this month, Cryptolydian reported that, Boomers and silent generation will hand down nearly $68.4 trillion worth of wealth to Millennials and Generation X over the next 25 years, according to a report by CoinShares.
The digital asset manager stated that the most popular cryptocurrency will benefit from this massive transfer of wealth. It added that Millennials’ investments look quite different from those of their forefathers.