Tim Draper, a billionaire investor and longtime public figure, recommends that Millenials invest in Bitcoin if they want to have money for retirement.
During a recent interview with Fox Business, he compared the current banking system to a “father’s Oldsmobile,” and that this new thing, Bitcoin, is the future of money. He then accuses banks of putting Millenials in all of the debt that they’re currently in.
“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 had also said on the network’s The Claman Countdown.
Essentially, Draper believes that because Bitcoin doesn’t rely on a central authority or the current banking system, it’s the future for Millenials because they don’t have to put any control in the power that put them in all of this debt.
That, and he believes this is a great idea because Bitcoin doesn’t have all of the regulations surrounding it that traditional banks do:
“Start building your empire in the new model that doesn’t require that you have to pay 2.5 to 4 percent every time you swipe your credit card to some bank or another and doesn’t require all the heavy, heavy regulations we have that are all tied to the dollar. I think if you really want it to work, I think you go bitcoin or crypto.”