Billionaire Investor Doubling Down On Bitcoin (btc)

Chamath Palihapitiya has change into one of the vital outstanding traders of the previous few years as a result of his use of special-purpose acquisition firms (SPACs). He made headlines when he introduced Richard Branson’s Virgin Galactic public by a SPAC.

Whereas a pioneer in enterprise investing, he’s additionally huge on Bitcoin.

He, alongside a couple of companions, was rumored to have owned 5 p.c of all BTC in circulation in 2012, which means they possible held someplace round 300,000 cash. No feedback have been made about what occurred to these cash, and it’s unclear if that Bitcoin is part of his private holdings or that of his large enterprise fund Social Capital.

Regardless of the case, Palihapitiya not too long ago doubled down on the cryptocurrency in an interview with CNBC.

In a wide-ranging interview, the Social Capital investor took a while to place in a superb phrase for Bitcoin.

Chamath Palihapitiya thinks Bitcoin is an insurance coverage coverage towards central banks and governments performing irresponsibly, echoing the sentiment shared by many hardcore traders within the cryptocurrency area:

“I consider [Bitcoin] because the insurance coverage coverage I take advantage of to sleep soundly at evening, simply in case the central banks and governments of the world step on a land mine.”

Talking on CNBC’s “Squawk Field” section, the investor, one in every of Mark Zuckerberg’s earliest hires, famous that the cryptocurrency isn’t one thing you commerce. He as a substitute stated that BTC is an asset that’s underpinned by a set of beliefs and fundamentals that’s actually “the inverse f how the monetary infrastructure of this world operates.”

He has defined many instances over current months that Bitcoin is sensible now greater than ever earlier than.

Palihapitiya as soon as stated to Anthony Pompliano, additionally previously of Fb and likewise now a devoted Bitcoin investor, that the cryptocurrency might attain the worth of hundreds of thousands of {dollars} as a result of macro tendencies. He shared the opinion that the financial system is hurtling to a degree the place it might see excessive deflation or inflation, which can enhance BTC’s worth proposition.

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