Tim Draper, founder of Draper Fisher Jurvetson, said millennials looking to set aside enough money for retirement should invest in Bitcoin (BTC).
“Our banking system is … the old Oldsmobile. Our banking system put them in $200,000 worth of debt. They’re coming out into this world. They are already in debt. Things aren’t quite working for them. 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…”
Why Should Millennials Invest in Bitcoin?
Draper said millennials are living at a time where they have the whole financial future ahead of them.
However, he indicated that the biggest problem is that millennials have inherited a previous-generation system that simply no longer fits for today’s generation.
The American billionaire criticized conventional finance for bringing thousands of dollars of debt into thousands of 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.”
For these reasons, Draper suggests that millennials begin to build their “new model empire,” which does not impose excessive transaction fees and restrictions, unlike the dollar.
He pointed out that just putting money away as older generations did in today’s economy won’t cut it. “I think if you really want it to work, I think you go Bitcoin or crypto.”
Many believe that Bitcoin is the solution for a financial system that is highly inflationary and debt based.
To fix these issues, Bitcoin investors will be allowed to set rates in BTC instead of their currency.
Draper has been forecasting, since April 2018, that the price of Bitcoin will hit $250,000 by 2022.
He was earlier reported that the Bitcoin could surpass this level as early as 2020. “If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin.”
Cryptolydian reported yesterday that crypto exchanges holding large amounts of Bitcoin saw a significant increase in their reserves. Coinbase, for example, holds 1 million Bitcoin worth $8.4 billion.
Although several hacks took place in 2019, crypto users are still holding huge amounts of digital assets.