Bitcoin is one of the most popular investment options that exist. Despite all the hate, the digital currency continues to outperform traditional assets like gold over and over again. The cryptocurrency industry has expanded to such an extent that Bitcoin has even started to draw in record-breaking institutional investments.

Among all the crypto-assets, Bitcoin was the best performer of 2019, gaining 95% over the year with volatility ranging from $3,500 to $13,500. It surpassed Gold that rose 19%, the S&P 500 29% and silver 15.6%. On the 1st of January 2019, Bitcoin was trading at $3776 and it closed above $7200 on December 31st. Bitcoin dominance has also been very high this year against altcoins.

Millennials Should Buy Bitcoin

Amidst all the hype, the investor and billionaire Tim Draper has yet again spoke strongly in favor of Bitcoin, this time advising millennials to invest in Bitcoin to build up a retirement fund.

On January 22, Draper, a co-founder of venture capital firm Draper Fisher Jurvetson (DFJ) and an early investor in major tech giants including Hotmail, Skype, Tesla, SpaceX, and Twitter, was asked during an interview on FOX Business to give his “best advice” to millennials when it comes to investing for retirement.

Draper responded saying:

“Well, here’s what’s happened. I mean, I think if you’re a millennial, you look at new currency, you look at Bitcoin, and you say, ‘hey, this is great because it’s not my father’s Oldsmobile’.”

According to Draper, the traditional banking system is outdated and is the reason why so many millennials are in huge debt. He explained that “with the current salaries, they can’t quite pay it off. It’s a really difficult time, and they’ve become renters rather than buyers because they have to.”

Due to the said reasons, Draper has recommended millennials to start saving up for a retirement fund using Bitcoin, which according to Draper is “the new model.” This does not impose hefty fees and regulations on transactions, like the dollar. He added:

“I think if you really want it to work, I think you go Bitcoin or crypto or the new way… I would focus on the future…”

Bitcoin to $250,000

Furthermore, Draper is quite a fan of Bitcoin and believes that the number one cryptocurrency would hit an high of $250,000 in 2020. In a recent interview with crypto media network BlockTV, Draper reassured the community that he is still positive about his prediction and that the said price level could be reached as early as the end of 2020.

“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin,” he said.

2020 is a special year as the third Bitcoin halving is set to occur on May 20th. The mining of reward for Bitcoin will be reduced to half and 50% fewer Bitcoins will be generated. As previous halvings have been accompanied by huge price gains, many believe that 2020 would also see similar moves.

Draper’s notion was fuelled by the upcoming having event as he noted that Bitcoin is “where it should be.”

