One of the notable points about cryptocurrency is that it is particularly appealing to a younger generation compared to older generations such as the boomers. This is because cryptocurrency is an Internet-based currency and naturally, is most appealing to the most internet-receptive generation. It is also indicative of a shift in financial culture in which many young people do not have as much faith in the traditional financial systems and are seeking to store their wealth and invest their future in other places.
This sentiment has been echoed by billionaire Tim Draper who stated recently that millennials would be wise to invest in bitcoin for their future.
Saving for the Future
This commentary was made during a January 20, 2020 interview with FoxBusiness in which the billionaire investor stated that many millennials are looking towards cryptocurrency if they want to save for retirement and do not have faith in the traditional business model which he calls outdated.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,” he said.
Draper also had words of criticism for the current economic system in which he claims puts so many millennials in hundreds of thousands of dollars in debt. He also states that the current salary rate means that they will not likely be able to pay off this debt and will force them into a situation where they are renters instead of owners because they cannot afford to. He states that they also do not have the option of simply saving up money the same way their parents’ generation did.
To combat this, he says, they should invest their earnings into a business model that does not charge hefty fees the way the US dollar does and that cryptocurrency is a likely way out.
“I think if you really want it to work, I think you go bitcoin or crypto,” he said.