Famous billionaire and Bitcoin supporter Tim Draper advised millennials to buy Bitcoin (BTC) during a recent interview on FOX Business held on Jan 22. During the interview, Draper expressed his belief that Bitcoin is of great importance to millennials who look to pour enough of their savings for early retirement.
Additionally, Draper stated that the traditional financial system is outdated, suggesting that it should be replaced with something new. Specifically, Draper said:
“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.’”
Banks to blame for unrealistic debt
Besides falling behind technologically-wise, the traditional banking system is also to blame for placing millennials into unrealistic amounts of debt that are hard to pay for. Tim Draper stated 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.”
Moreover, Draper heavily emphasized the importance of moving assets, capital, and goods freely all around the world. Because of the previously mentioned reasons, Draper told millennials that they should build their own empire with the help of a new model. The model would lack the currently available high fees and strict regulations for transactions.
When talking about ‘making it,’ Draper added that saving money worked for the baby boomer generation but that it won’t be enough for millennials in the current economy. Draper stated:
“I think if you really want it to work, I think you go bitcoin or crypto.”
Millennials are currently the most interested generation for Bitcoin, cryptocurrencies, and blockchain technology. While some are ‘in it for the technology,’ the crypto sector spawned a new wave of young investors who seek to retire early or to break out of their current economic class. In either case, the next few decades will be surely marked by the influence of cryptocurrencies and blockchain.