After last week’s rally, it now seems that Bitcoin is hitting the headlines once again.
American venture capital investor, Tim Draper, has recently spoken out about Bitcoin, suggesting that millennials need to invest in Bitcoin if they want to secure their financial future.
On Wednesday, January 22nd, 2020, Draper spoke to Liz Claman during an interview. While the discussion touched on other topics, such as Elon Musk and SpaceX, it ended with some sound advice coming from one of the world’s most popular investors.
According to Draper, millennials are standing at a point in history, where they have the whole future of the world’s financial system ahead of them.
But the biggest problem, Draper says, is that millennials have inherited a system from previous generations that just simply no longer work for today’s generation.
He even goes so far as to compare today’s economic landscape to an antiquated vehicle, stating during the interview that, “our banking system is the Oldsmobile, is the old Oldsmobile.”
According to Draper, putting money away, one penny at a time, to save for retirement is no longer working for millennials. He goes on to say that they are being born into a world already in debt. And beyond that, today’s salaries simply don’t allow young people to be able to pay off the debt.
In other words, Draper believes that millennials have, “become renters rather than buyers because they have to”, and not because they want to.
While some financial experts, such as Draper, believe young people should be investing in Bitcoin, not everyone agrees.
In fact, the entire cryptocurrency industry has been plagued by constant skepticism ever since Bitcoin was initially launched back in 2009. And back in 2018, American economist, Nouriel Roubini, spoke out about cryptocurrency stating that they were, “the mother of all scams”, leaving countless observers wondering if there is any legitimacy behind Bitcoin at all.
And it’s also important to note that cryptocurrencies are known to display extremely volatile behavior. In fact, cryptocurrencies have shown an average volatility reading of 63% in the last 6 months alone..
Draper ended his interview with Fox by asking a deep question to millennials: “What’s the future going to look like? 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.”
With that said, Bitcoin is currently the world’s largest cryptocurrency with a total market cap of $157.5 billion. It is down -3.3% in the past 24 hours and is currently trading at $8,344.47.
Featured image courtesy of Business Insider