Silicon Valley legend advises millennials to invest in Bitcoin

American venture capitalist, Tim Draper, urged millennials to invest in Bitcoin to secure their financial future. The Silicon Valley legend believes that millennials have the world’s financial system future ahead of them, however, the financial architecture that they have inherited from the previous generation, which does not work for them. 

Draper compared the economic landscape of the present to an antiquated vehicle, saying “our banking system is the Oldsmobile, is the old Oldsmobile.” As he puts it, millennials have “become renters rather than buyers because they have to,” and not because they choose to. Plus, he also observed that putting a small amount of money aside for retirement in the future is not working for the millennials anymore, adding that they are born into a world that’s already in a lot of debt. Moreover, salaries earned today aren’t helpful for young people to pay off debts.