Billionaire Tim draper has urged millennials to but Bitcoin, while in an interview with Fox Business. Tim said that buying Bitcoin would be a good way for millennials to store their value as they wait for retirement. Tim talked up BTC as a store of value over traditional fiat because he believes the traditional banking system is outdated. He compared the traditional banking system with the Oldsmobile
“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.’”
A call to replace the old order
Draper also blamed traditional finance for putting millennials into hundreds of thousands of dollars of debt. He blamed the traditional order, as the reason so many students are having a hard time paying their loans. While campaigning for Bitcoin, he articulated the importance of being “able to move freely and move capital and goods freely throughout the world”
Because of those reasons, Draper recommends that millennials start building their “empires in the new model”. The digital model does not impose heavy fees and regulations on transactions, unlike the fiat model. He also pointed out that just setting money aside like older generations had done, would not work today concluding that;
“I think if you really want it to work, I think you go Bitcoin or crypto.”
Crypto the savior Hedge?
Bitcoin is highly believed to be the solution to a highly inflationary financial economy in some parts of the world. Some are using it to hedge their capital, while others in marginalized areas see it as a way to escape or reduce the effects of biting sanctions. President Nicholas Maduro of troubled Venezuela is looking at crypto to solve the financial conundrum in his country. He is, therefore, touting the country’s state-backed cryptocurrency, the Petro, to help ease some of the pressure. The Petro is backed on the country’s old reserves.