Tim Draper was interviewed by Foxbusiness in recent times and advised millennials to put their money in Bitcoin as a means of securing their future.

Draper, a renowned American venture capital investor, said that a financial system that is not working anymore had been passed to millennials from past generations.

Draper mentioned the way the banking system from the previous generation was passed on to millennials and what Bitcoin can do towards solving their retirement problems. He continued by talking about his early investments with Tesla.

As a renowned Bitcoin supporter, Draper has made certain enthusiastic forecasts concerning the world’s biggest cryptocurrency. Speaking about the way millennials should go about investments and planning for their retirements, he said millennials are situated in history where the future of the global financial system is ahead of them.

According to him, the salaries offered to millennials nowadays do not permit young ones to pay off the debt. Further, he said,putting away money, one penny at a time, is not realistic anymore for the younger generation.

Draper thinks that millennials are now renters instead of buyers because that is the option they have. At press time, the performance of Bitcoin is somewhat towards the downside as its price was over $8,300, about $300 down from yesterday. Analysts have predicted a bearish move for Bitcoin in the short term as the Chinese New Year celebration holds on January 25.