Tim Draper, an American venture capitalist discusses the importance of Bitcoin investing for Millennials. Draper asserts that Millennials should be financially strong after their retirement and that bitcoin can essentially help them achieve that future milestone.
While discussing topics like Elon Musk and SpaceX, he curated his views on why a Millennial should be interested in investing their money in Bitcoin! He also dubbed a reason why it’s evident.
Why a Millennial should invest in Bitcoin?
As per Draper, Millennials have been at a juncture where they have inherited all the financial values from their forefathers and they are unsure whether their future is safe or not. They have their future ahead of them. Draper blamed the current financial system for putting millennials in thousands of dollars in debt. He mentioned that for the first time, a generation has the ability to store their wealth in a decentralized asset that won’t charge them ridiculous fees that are experienced at traditional banks / institutions.
“Our Banking system is Oldsmobile. It is an old Oldsmobile.”
Draper stressed that Putting away the money at present to save for the future is not going to work for the Millennials. He termed today’s Millennials as ‘Renters’ and not the ‘Buyers’ which is appropriate according to Draper. His reasons behind this theory seems to be macro based. Bitcoin is a deflationary asset, while the USD for example has been extremely inflationary over the years. With the 20+ trillion in debt that the US faces, it’s a much different environment that the millennial generation is entering. Draper was essentially saying that due to the uncertainties that exist in traditional markets, millennials should not apply the same investing tactics that were utilized by baby boomers.
Is investing in Bitcoin safe?
Everyone in the present world has diversified views on which investment pattern is safe for the future. And, it’s so true! Draper seems to have a diversified view too. As per him, young people should be interested in investing their hard-earned money in Bitcoin.
On the other hand, back in 2018, Nouriel Roubini, an American Economist presented his anti-bitcoin thoughts about Cryptocurrency. He called Bitcoin as the mother of all the scams happening in the world. As Roubini an eminent personality, the statement left thousands of people wondering whether it is legitimate to invest their money in Cryptocurrency or not!
Draper ended his interview with Fox with a question to Millennials that ends all the controversial statements from the past. He asked,
“What is your future going to look like? It is not going to be Tribal anymore. It will be Global here on. It’s not going to be limited across the borders. It will be open.”
With this, it should be noted that Bitcoin is the world’s largest Cryptocurrency in terms of market capitalization. Draper has notably injected a thought bubble in the mind of all the Millennials whether they want to secure the future or not!
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