Want to retire rich? Invest in Bitcoin; says VC Tim Draper

American venture capitalist and successful entrepreneur Tim Draper has an invaluable piece of advice for the Millenials – if you want to lead a successful and wealthy retirement the invest in Bitcoin, he said in an interview with FOX Business on Wednesday.

The most popular and extensively traded cryptocurrency, with a market capitalization value of over one hundred and fifty billion US dollars ($157.5 billion), has seen its share of supporters and critics over the years. While on the one hand there are staunch gold backers like Peter Schiff who, despite Bitcoin’s year-on-year meteoric rise in popularity, maintain a belief that it is of no value, there are researchers and entrepreneurs, on the other hand, who estimate that 2020 will be the year of Bitcoin.

Millennials, go ahead and invest in Bitcoin, says Draper

And then there is Tim Draper – a Bitcoin fanatic who truly believes Bitcoin is the key to a better economy, better governance. In the latest, he has advised the millennials to consider investing in Bitcoin to make sure that they have saved enough money by the time they retire.

For those who want a financially sound and secure future, don’t look anywhere else, instead invest in Bitcoin, said co-founder of the venture firm Draper Fisher Jurvetson. 

According to Draper, generation X is at crucial crossroads in today’s age where they have inherited some traditional investment beliefs from the older generation and, at the same time, don’t hesitate in fine-tuning themselves with upcoming technologies in the market. This, per Draper, is their biggest hurdle to making smart investment plans.

Their conventional investment strategy isn’t going to work in today’s times as the economic landscape is far more complex and evolved now, he explained. He further went to draw an analogy between the existing banking system and antiquated vehicles like Oldsmobile that would dramatically lack the mileage and performance that is expected in today’s age.

Bitcoin for a happy retired life

Commenting on how old-school beliefs don’t stand true today, Draper said that the Millenials had been born in a world that is already buried in massive debts. Besides, a salaried employee can no longer believe that saving a penny a day would yield him a peaceful retirement life, thus making him a renter than a buyer. And that’s no way one gets to a happy retired life, Draper argued.

Thus, despite its high volatility and some renowned economists like Nouriel Roubini dismissing it off as “one big scam,” Draper concluded the interview by stating that the future is not going to be constrained by borders and Bitcoin is the only currency that’s global, borderless and decentralized. Just the way the future wants it, apparently.

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