Recently, billionaire venture capitalist Chamath Palihapitiya, who is the founder and CEO of investment firm Social Capital, as well as Chairman of spaceflight company Virgin Galactic, gave an interview during which he talked about Bitcoin.
When Wapner asked Palihapitiya where the Bitcoin is going, this was the reply:
“Where’s it going? I mean, can you play the clip in 2012 and 2013 when it was at $200 and everybody was laughing at me at CNBC every time I would about Bitcoin? It’s probably going to a hundred, and a hundred and fifty, then two hundred thousand.
“In what period? I don’t know… five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that, wow, our leaders are not as trustworthy and reliable as they used to be, and so just in case, we really do need to have some kind of, you know, insurance we can keep under our pillow that gives us some access to an uncorrelated hedge, and it’s going to eventually transition to something much more important, but for right now, you’re just getting all these data points that prove this thing… everybody’s running in; it’s just an incredible thing.“
When Joe Kernen interviewed Palihapitiya on Squawk Box back on 26 February 2020, here is what Palihapitiya had to say about Bitcoin:
“I would really like Bloomberg to take this article that I wrote for them in 2013 out of their paywall. Basically, you know, my view at the time, which I held since… is that everybody should probably have one percent of their assets in Bitcoin specifically.
“I still believe that today, and I think it is just a fantastic hedge.
“If you go back to the conversation this morning, when you see the amount of leverage the financial industry is running and you think about all these dislocations and all these exogenous things that are happening that you can’t predict, there’s a lot of risk to the downside, and it would be great that an average individual citizen of any country in the world has an uncorrelated hedge.
“And I’ve said this repeatedly at nauseum on the show: every financial instrument is correlated… except Bitcoin.”