Venture capital investor Tim Draper has recommended millennials to invest in Bitcoin if they are looking to set aside enough capital for retirement.
Draper believes that the traditional banking system is outdated:
“You look at Bitcoin and you say ‘Hey, this is great because it’s not my father’s Oldsmobile. Our banking system is the Oldsmobile, is the old Oldsmobile.’”
The billionaire investor believes cryptocurrency is the key to a successful retirement savings plan. Draper advised millennials to build their “empire in the new model” that does not impose hefty fees and regulations on transactions, unlike the dollar.
Tim Draper noted that just setting money aside won’t cut it in today’s economy, concluding: “I think if you really want it to work, I think you go bitcoin or crypto.”