If you’re a Millennial, you should consider jumping into Bitcoin, says venture capitalist Tim Draper.
In a new interview with Fox Business, Draper says times have changed and many investment and savings strategies that “your father or your grandfather” followed are outdated and unreliable. According to Draper, the process of saving money bit by bit worked for older generations, but that era is over.
He blames the current financial system for burying Millennials in debt before they get their first paycheck.
“Things are not 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.”
Cryptocurrencies are the future, says Draper. And although investing in Bitcoin is extremely volatile and risky, he believes the ability to move value without the need for a bank will be revolutionary.
“Think in terms of what’s happening in the future. It’s not going to be tribal anymore. It’s going to be global. It’s not going to be tied to geographic borders. It’s going to be open and we’re all going to be part of this amazing great world…
I’m thinking, hey, ‘I’m a Millennial right now,’ go Bitcoin, go decentralized. Start building your empire in the new model that doesn’t require that you have to pay 2.5 to 4% 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.”
The Bitcoin bull has displayed a knack for spotting tech investments with profit potential. Draper was an early investor in Skype, Twitch and SpaceX, and the first institutional investor in Tesla.
In 2014, Draper predicted that Bitcoin would trade at $10,000 in three years. The top cryptocurrency climbed above that level in November 2017. Now, the venture capitalist says he thinks Bitcoin will skyrocket to $250,000 by 2023.
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