Billionaire investor Tim Draper recommended millennials buy Bitcoin (BTC) during an interview with FOX Business published on January. 22.

Per the report, Draper believes that Bitcoin is of item importance to millennials that are looking to set up aside enough capital for retirement. He suggested that the traditional banking system is outdated:

"Yous wait at Bitcoin and you say 'Hey, this is keen because it's not my father's Oldsmobile. Our banking system is the Oldsmobile, is the old Oldsmobile.'"

The faults of the banking organization

Draper also blamed traditional finance for putting millennials into hundreds of thousands of dollars of debt. He explained that "with the electric current salaries, they tin can't quite pay it off. It's a really difficult time, and they've go renters rather than buyers because they take to." He also insisted on the importance of beingness "able to movement freely and move capital and goods freely throughout the world."

Because of those reasons, Draper recommends millennials start edifice their "empire in the new model" that does not impose hefty fees and regulations on transactions, dissimilar the dollar. He pointed out that just setting money aside like older generations did won't cutting it in today's economy, concluding:

"I think if you actually desire it to piece of work, I call back you lot go bitcoin or crypto."

Many believe Bitcoin to be the solution to a highly inflationary and debt-based fiscal organization. For Bitcoin to solve some of those problems, merchants would need to starting time setting prices in BTC, instead of their local currency. The reason being that if prices are set in the local fiat currency, inflation volition still influence the prices of appurtenances and services.

As Cointelegraph reported before today, contempo research suggests that a growing precision in the number of decimals for Bitcoin points to decreasing usage every bit a unit of account.