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Venture capitalist and Bitcoin billionaire Chamath Palihapitiya says BTC will drive financial accessibility to billions of people – if the global financial system crumbles.
The Social Capital CEO and former Facebook executive is one of the largest known Bitcoin HODL’ers that holds 1,000,000 Bitcoins.
In a new interview on CNBC’s Squawk Box with Joe Kernen, Palihapitiya explains what he believes it will take for Bitcoin’s price and adoption to reach meteoric heights.
“The last few million coins of Bitcoin are obviously going to cost more energy than the first 18 million. But in the grand scheme of things, again, this is something in Bitcoin parlance people say ‘Hodl’. You buy it, you hold it, you put it away.”
But Palihapitiya adds that this is a situation no one should want to happen.
“And honestly, I think you hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something you actually really want to see.”
On the other hand, Palihapitiya remains optimistic about the changes Bitcoin could make on the financial infrastructure.
“Now that being said, if it does happen, I think it will create an enormous power redistribution and it will push power, it will push financial accessibility to the edges, to billions and billions of people. And in that there is something to be really proud and excited about.”
Palihapitiya also says inflation will continue regardless of who wins the election in November.
“The most dominant factor that I see is the combination of Treasury and the Federal Reserve. They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.”
Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars.
He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.”
“In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.”
He then shared his Bitcoin prediction of how high he thinks the btc price could be over the next 10 years.
“It is a 10-year trajectory,” he began. “I’ve always thought of bitcoin as a very binary investment, whether it goes from 80 to 8,000 to 6,000 to 3,000 to 13,000, it doesn’t matter.”
Noting that bitcoin’s price will be “either zero or it’s millions,” Palihapitiya asserted:
“What it will do is it will create a quasi gold standard. It’ll create an index, except instead of having to own gold where gold is owned by central banks, it is an instrument that has value that’s determined in between its participants, and it’s owned by everybody.”
In other trending Bitcoin News today:
Bitcoin Forms Rare Bullish Crossover Not Seen Since 2014 – Here’s Why Analysts Are Preparing for a Big Move
Despite the uncertainty surrounding Bitcoin, the number one cryptocurrency just flashed a bullish signal that has not been seen in six years.
Crypto analyst Eric Thies is highlighting a trend indicator known as the KDJ, which has made a bullish cross on the six-month timeframe for the first time since 2014.
“BTCUSD Notes on this crazy high TF but I’ll gladly give hopium when I see it 6M KDJ crossed bullish when it closed in July, confirming an unmistakably bullish 6M hammer at the same time. Last time KDJ crossed bull was 2014 with a $200 BTC low. Last cross bear at $17k high.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
“The most dominant factor that I see is the combination of Treasury and the Federal Reserve,” says @Chamath. “They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.” pic.twitter.com/315RlmEKPZ
— Squawk Box (@SquawkCNBC) October 6, 2020