American venture capital investor, Tim Draper has advised millennials to invest in Bitcoin if they want to save enough money for retirement. Draper said the banking system has left millennials in a lot of debt, and if they want a successful retirement savings plan, they need to invest in the leading cryptocurrency, according to the FOXBusiness report on January 22, 2020.
Tim Draper Advices Millennials to Invest in Bitcoin
Per the report, Tim Draper has advised millennials whose ages fall between 24 and 39, to invest in Bitcoin. According to the Bitcoin evangelist, the leading cryptocurrency offers several benefits over the traditional banking system. And these benefits will enable them to save enough money for retirement.
Some benefits which the Billionaire investor pointed out are in the areas of decentralization, borderless payments, and low transaction fees. When it came to borderless payments, he remarked that Bitcoin is not restricted by borders. Millennials need to rely on an asset that is not limited to location but allows easy transfer of money globally.
Millennials Do Not Have to Pay High Transaction Fees
Draper further said that millennials don’t have to pay high percentages to a bank each time they swipe their creditcards. In his opinion, banks have left millennials in hundreds of thousands of dollars of debt. However, millennials can get out of this debt by adopting Bitcoin.
“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,” he said.
Furthermore, Draper remarked that the banking system is the “Oldsmobile, is the old Oldsmobile.” And what worked for the older generation will not work for millennials, even if they save pennies from time to time for retirement.
Draper Believes Bitcoin Will Disrupt the Healthcare, Finance, and Government
In a recent interview, Tim Draper stated that Bitcoin and its underlying technology, blockchain will disrupt major industries including healthcare, finance, and government. Draper is also confident that months after Bitcoin’s halving in May 2020, the digital currency will spike to $250,000.
Bitcoin, on the other hand, is the largest cryptocurrency based on its $153 billion market capitalization. It launched in 2009, and today it’s the most popular cryptocurrency. Also, the decentralized nature of Bitcoin’s blockchain, coupled with transparency, immutability, and traceability has been some of the attractive features of this modern technology.