Chamath Palihapitiya, the billionaire who made his fortune in investments, is convinced that Bitcoin’s marginal value is far from final.
Recently, billionaire venture capitalist Chamath Palihapitiya, who is the founder and CEO of investment company Social Capital and president of space company Virgin Galactic, gave an interview during which he talked about Bitcoin, writes CryptoNewMedia.
Palihapitiya’s comments came during an interview with Scott Wapner last Thursday on CNBC. At the time of the interview, bitcoin was trading around $39,602.
When Wapner asked Palihapitiya where Bitcoin was going, he got the answer:
“Where is it going? I mean, can you replay in your mind the years 2012 and 2013 when it was $200, and everybody laughed at me every time I talked about bitcoins ? It would probably be a hundred, a hundred and fifty, then two hundred thousand.”
” In what period? I don’t know … five years, ten years, but it happens, and the reason is that every time you see it all happening, it just reminds you that, wow, our leaders are not as reliable or trustworthy as they used to be, and so just in case we do need some, you know, insurance that we can keep under our cushion that gives us some access to uncorrelated hedging, and eventually it will move to something much bigger. But at this point, you just get all this data that proves that bitcoin works; it’s just an incredible thing.”
When Joe Kernen interviewed Palihapitiya on Squawk Box on February 26, 2020, here’s what Palihapitiya said about Bitcoin:
” I really wish Bloomberg would remove this article I wrote for them in 2013 from their paid access. In fact, you know, at the time I was of the opinion that I’ve held ever since … that everyone should probably have one percent of their assets just in bitcoin.”
“I still believe that today, and I think it’s just a fantastic barrier.”
“If you go back to the conversation when you see the amount of leverage in the financial industry and think about all these dislocations and all these exogenous things that are happening that you can’t predict, there’s a lot of risk. On the other hand, and it would be great if the average citizen of any country in the world had an uncorrelated hedge.”
“And I’ve said it repeatedly ad nauseum on the show: all financial instruments are correlated … except Bitcoin.”