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Billionaire Investor Tim Draper: Why Millennials Should Consider Investing in Bitcoin

In an interview with FOXBusiness, the well-known US venture investor, Tim Draper has given invaluable advice for millennials. He suggested that if millennials really want to have a wealthy and successful retirement life, then they need to invest in Bitcoin.

Draper said, “If you are a millennial, then Bitcoin is the best place to invest your money.” He believes that Bitcoin is the key for young people who want to ensure that they have sufficient money for retirement.

Why Bitcoin is the right place for millennials to save for their future

According to the billionaire venture capitalist, millennials are standing at a point in history where they have the entire future of the world financial systems ahead of them. But the most significant challenge is that millennials have inherited the banking systems from the older generation, which no longer works. Draper criticized the banking systems of putting young people in thousands of dollars of debt.

He reminded millennials that what may have worked for their fathers or their grandfathers will not work for them. He mentioned that putting money away, penny by penny to save for retirement, is no longer working for young people. Millennials are born into a world already buried in huge debts, he said.

Today’s salaries don’t allow millennials to be able to pay off the debt; Draper believes that young people have become renters instead of buyers because they don’t have any choice. Draper added, “Begin building your empire in the new model, which does not require that you have to pay 2.5%-4% every time you swipe your credit card to some bank or another. And does not require all the heavy regulations we have, which are tied to the dollar. If you really want it to work for you, then go to Bitcoin or cryptocurrency.”

Is Bitcoin a safe investment choice?

However, not everyone agrees with Draper that young people should invest in Bitcoin. Since the launch of Bitcoin in 2009, the entire crypto industry has been adversely affected by constant skepticism. In late 2018, Nouriel Roubini, American economist, talked about cryptocurrencies referring to them as “the mother of all scams,” therefore leaving many people wondering if there’s any legitimacy behind Bitcoin.

Furthermore, cryptocurrencies are also known to be extremely volatile. Draper concluded the interview by showing millennials how the future is going to look like. He stated that the future is not going to be tribal anymore nor tied to a geographical border, but is going to be open and global. Draper recognized Bitcoin as the only currency that is global, decentralized, and borderless. He is convinced that the easiest way to participate in the global economic system is to be able to move freely and move goods and capital freely throughout the globe.

Image via Blockchain Echo

Bitcoin Bull Tim Draper Reveals Crypto Investment Secrets – Ripple, Bitcoin Cash, Tezos, and More

Renowned tech billionaire Tim Draper revealed that his crypto investment portfolio in 2020 was not only restricted to bitcoins, but also contained a variety of altcoin assets.

Draper: Mass crypto adoption is coming

Previously, the venture capitalist had purchased approximately 30,000 bitcoins (BTC) from a Silk Road auction hosted by US Marshals. However, the Bitcoin bull recently disclosed that his crypto holdings were not only limited to the “digital gold” currency.

Currently, Draper holds at least half a dozen different altcoins in his possession, including Bitcoin Cash (BCH), Ripple (XRP), Tezos (XTZ), and Aragon (ANT). Speaking about his investment strategy with digital currencies at a conference, Draper said:

“I’m a believer. I think it’s happening – it’s coming. It’s so important for the world, and I want the world to know it, and I want other people in the world to get on board.”

Draper firmly advocated that it was only a matter a time before global crypto adoption became an eventuality and that investors were already diversifying their funds more and more by storing their assets in cryptocurrency.

The venture capitalist is living proof that digital currency investments could secure assets and lead to financial growth – Draper’s current Bitcoin holdings are estimated to be valued at around $315 million, translating to an increase of more than 1,500% from his initial investment in 2014. Back then, Draper had bought BTC at a price of $632 per coin.

Fast forward six years, Bitcoin is currently trading sideways at around $10,000 per coin.

Why millennials should invest in Bitcoin

Tim Draper had previously touted BTC’s horn publicly, advising millennials to invest their money into the cryptocurrency. The successful tech entrepreneur asserted that Bitcoin was the key for the younger generation when investing and ensuring they had sufficient money for retirement.

According to Draper, millennials are at an advantage, because they are at a point in history where the future of the world’s global financial system is unfolding before their eyes.

The tech billionaire mentioned that while the older generation had saved for retirement by putting away money a little at a time, this strategy no longer worked for millennials, as they were born into a world already buried in huge monetary debts.

Tech Billionaire Tim Draper Says Netflix Could Be the Next Fortune 100 Company to Invest in Bitcoin

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Bitcoin bull and popular venture capitalist Tim Draper has said that Netflix could be the next Fortune 100 company to invest in Bitcoin.

The serial investor was speaking at a recent episode of the Unstoppable Podcast where he stated that after Tesla electric vehicle manufacturer, Netflix could be the next to add Bitcoin to its balance sheet.

Draper said that Netflix co-founder and co-CEO, Reed Hastings, makes the company a likely Bitcoin investor. He said: “I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so, I think that might be the next big one to fall.”

Draper stated that if he were the Chief Financial Officer (CFO) of any major firm, he would advise the firm to allocate a portion of their cash reserve to Bitcoin. The BTC evangelist stated:

“If I’m the CFO of one of those big organizations, I am saying ‘We have to own X % in Bitcoin’ because it’s a hedge against another currency becoming the currency of the future, and it’s also a hedge against inflation as governments keep printing more of their funny money dollars.”

Draper further said that while social media giant Facebook and other major firms like Google and Apple were trying to create a centralized currency of their own, they were likely to make their platform interoperable with the cryptocurrency, given Bitcoin’s popularity. He stated: “Google could do something but I think that all of them, Google and Facebook and Apple are all trying to… create a currency that’s centralized, that’s theirs. And Amazon. Although Amazon will probably start accepting Bitcoin pretty soon…”

Since Tesla has added Bitcoin into its balance sheet, there have been speculations about which companies would emulate Tesla’s strategy. Besides predicting Netflix to be the next possible Bitcoin investor, Draper said that Amazon retail giant could begin accepting the cryptocurrency as a form of payment. He stated: “Amazon will probably start accepting Bitcoin pretty soon,” saying that consumers have been purchasing products indirectly using crypto assets on Amazon for many years.

This week, Amazon made Ethereum available on its managed blockchain service.

In February last month, there were reports that Amazon was considering launching a type of digital currency project in Mexico, which would enable customers to pay for products via digital currencies. Although the firm has not specified which virtual currencies it would support, there were rumours that the firm may not use cryptocurrencies like Bitcoin or Ethereum.

Institutions at Heart of Bitcoin Price Rally

Interest among institutions in Bitcoin has been responsible for the crypto’s bullish momentum. The crypto’s record-smashing rally witnessed in recent times is partly driven by the entry of more big institutions into the market.

Bitcoin has dropped to $48,000 after surpassing the psychological hurdle of the $50,000 level over several days in the recent past. The digit asset only has been around since 2009 but started to increase in popularity among mainstream institutions last year.

The crypto’s price resurgence last year was partly fueled by prominent Wall-Street billionaires like Stanley Druckenmiller and Paul Tudor, and their endorsement gave confidence to mainstream institutions like MicroStrategy, Square, Fidelity, PayPal, and others to invest in Bitcoin as part of their corporate asset allocation strategy.

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Billionaire Tim Draper Predicts Bitcoin Will Reach $250,000 by the End of 2022

Billionaire Tim Draper said he remains optimistic about Bitcoin and expects its price to reach $250,000 by the end of 2022 or early 2023.

Bitcoin’s price has fluctuated in a recent period, attributing to serval negative factors. For instance, the electric automaker Tesla dramatically reversed its plans to accept Bitcoin (BTC) payments for its products due to digital currency’s energy inefficiency its reason. In addition, China tightened regulation against illegal coal extraction, which prompted China’s latest crackdown on cryptocurrency mining.

However, Tim Draper, a well-known Bitcoin venture capital enthusiast, told CNBC that he is still optimistic about Bitcoin’s market outlook. Draper predicts Bitcoin will reach $250,000 by the end of 2022 or early 2023.

As early as 2018, Venture capitalist Tim Draper predicted that bitcoin would multiply by 30 times within four years. At that time, the price of Bitcoin was about $8,000. Bitcoin recently has reached its historical peak up to $64,854 on April 14, 2021. The price has multiplied eight times since 2018.

Draper stated that:

“I’m either going to be really right or really wrong, (but) I’m pretty sure that it’s going in that direction.”

Draper believes that virtual currencies such as bitcoin will be widely used soon. Despite only a few large companies, such as Microsoft, PayPal, square, Starbucks, etc., accept Bitcoin as a payment medium. He added that retailers would mostly use Opennode (Bitcoin Payment Processors) in the next year and a half. Therefore, the public will widely accept Bitcoin.

Meanwhile, Draper said:

“Then beyond that, I think [bitcoin] continues up because there are only 21 million of them.”

Under its code, only 21 million Bitcoin can be “mined.” So far, 18,735,268 BTC are already in circulation, according to Coinmarketcap.

Tim Draper does not disclose how much Bitcoin he holds or invested in other cryptocurrencies. However, it is estimated that this American venture capital investor with a net worth estimated at $1 billion.

Many experts view Bitcoin as a store of value, like gold, rather than a currency. As a result, most engineers are now working on improving Bitcoin. Last week, Bitcoin performed its first upgrade in four years, called Taproot. Since it will take effect in November, it is reported that this change will mean greater transaction privacy and efficiency aimed at unleashing the potential of smart contracts on the Bitcoin blockchain.

On May 13, Musk said on Twitter that he believes that the future of cryptocurrencies is still bright. Tesla will not sell any bitcoins and is actively looking for other cryptocurrencies that consume less than 1% of Bitcoin’s energy consumption.

At the same time, Elon Musk said on Sunday that when at least half of the bitcoins can be mined with clean energy, Tesla will accept Bitcoins again.

The price of Bitcoin soared over $40,000 on Monday, and it rose by more than 13%, reaching a maximum of approximately $41,000. The current price has fallen and adjusted a little bit. Bitcoin was trading at $40,249 during the intraday trading.

"Tim Draper's Bitcoin Diversification Advice"

American venture capitalist and entrepreneur Tim Draper has advised business founders to diversify their cash holdings in the wake of the collapse of Silicon Valley Bank (SVB). In a report directed at business founders, Draper suggests that Bitcoin and other cryptocurrencies can serve as a hedge against a “domino run” on banks and overbearing government intervention. He notes that businesses can no longer rely on a single bank or governing body to manage their cash, and that diversification is essential.

To that end, Draper recommends that business founders keep at least six months of short-term cash in two separate bank accounts: one with a local bank and another with an international bank. In addition, he advises keeping at least two payrolls worth of cash in Bitcoin and other cryptocurrencies. Draper believes that these preventative steps are necessary because, for the “first time in many years,” governments are seizing control of banks, and governments themselves are “at risk of becoming insolvent.”

Draper’s advice comes at a time when the collapse of SVB has caused significant uncertainty in the tech industry. SVB, which was once known for its support of startup companies, has recently faced a number of challenges, including a significant data breach and an investigation into its lending practices. This has left many startups scrambling to find alternative sources of funding and cash management solutions.

According to Draper, many startups have already sought emergency relief from him after SVB and other banks shut down. He believes that the collapse of SVB serves as a warning to businesses that they need to be prepared for any eventuality. By diversifying their cash holdings and embracing cryptocurrencies like Bitcoin, businesses can ensure that they are not overly reliant on any one institution or government.

Draper has long been an advocate for Bitcoin and cryptocurrencies, and his recent advice to business founders reflects his belief that these digital assets are the future of finance. He has previously predicted that the price of Bitcoin could reach $250,000 by 2023, and he has invested heavily in a number of Bitcoin-related startups.

Overall, Draper’s advice serves as a reminder to businesses that they need to be proactive in managing their cash holdings and prepared for any eventuality. By diversifying their cash holdings and embracing cryptocurrencies, businesses can protect themselves against the uncertainty and volatility of the current financial landscape.