In a recent interview with FOX Business, legendary American tech investor Tim Draper said that his best advice for millennials wishing to invest for retirement would be to get into Bitcoin (and more generally, crypto).
Last Wednesday (January 22), Draper, a co-founder of venture capital firm Draper Fisher Jurvetson (DFJ) and an early investor in quite a few unicorns, including Hotmail, Skype, Tesla, SpaceX, and Twitter, was asked during an interview on FOX Business to give his “best advice” to millennials when it comes to investing for retirement.
“Well, here’s what’s happened. I mean, I think if you’re a millennial, you look at new currency, you look at Bitcoin, and you say, ‘hey, this is great because it’s not my father’s Oldsmobile’.
“Our banking system is … the old Oldsmobile. Our banking system put them in $200,000 worth of debt. They’re coming out into this world. They are already in debt. Things aren’t quite working for them. 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…”
Therefore, Draper offers millennials this advice:
“Go Bitcoin, go decentralized, start building your empire in the new model that doesn’t require that you to have to pay two and a half to four percent every time you swipe your credit card to some bank or another and doesn’t require all the heavy regulations we have that are all tied to the dollar… I think if you really want it to work, I think you go Bitcoin or crypto or the new way… I would focus on the future…”
Since April 2018, Draper has been predicting that Bitcoin’s price will reach $250,000 by 2022. More recently, last month, he said during an interview with BLOCKTV that Bitcoin could reach this price even as early as 2020:
“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin.”