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Former Facebook executive-turned Bitcoin billionaire venture capitalist, Chamath Palihapitiya, has warned neither Biden nor Trump will help U.S. dollar – but holding BTC is an “insurance policy” that helps him to “sleep soundly at night.” “
The reality is that [the Federal Reserve and the U.S. Treasury] have printed so much money that the likelihood is that we’re going to continue to see asset price inflation independent of who’s in the White House,” Palihapitiya told CNBC’s Squawk Box this week, adding he holds bitcoin just “in case the central banks and governments of the world step on a landmine.”
The Fed and the Treasury have embarked on massive stimulus programs this year, injecting trillions of dollars in the financial system in an attempt to offset the economic damage caused by the coronavirus pandemic.
This unprecedented intervention, propelling the stock market to record highs even as unemployment has spiked and businesses struggle nationwide, has sparked fears among some investors that a severe bout of inflation is on the way.
Palihapitiya, who began his VC career while still at Facebook in 2011 and has backed the likes of big data analytics firm Palantir and Richard Branson’s space exploration company Virgin Galactic, has long argued Bitcoin serves as a long-term store of value and should be included in every investors’ portfolio.
“I still think that what I talked about sort of eight or nine years ago still holds, which is as a 1% hedge in our portfolio.” Chamath, who purchased 1,000,000 Bitcoin’s back in 2013 at about $80 per BTC says he expects the Bitcoin price to climb as high as $1 million per coin over the next 20 years.
However, Palihapitiya warned against the buying and selling of bitcoin for short-term profit, advising investors to hold it and “hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something we actually really want to see.”
“The reality is [bitcoin’s] fundamentally not [correlated with stock markets] because it is underpinned by a set of beliefs that are completely orthogonal to the orthodoxy that runs the world today, and it is completely the inverse of how the financial infrastructure of the world operates,” Palihapitiya said.
In other trending Bitcoin News today:
Crypto Strategist Who Called Bitcoin’s Massive Collapse in 2018 Says BTC Poised to Flash Major Buy Signal
A veteran commodities trader known for accurately predicting Bitcoin’s epic fall from $20,000 says that the leading cryptocurrency is on the cusp of flashing a major buy signal.
Peter Brandt, CEO of trading firm Factor Trading Co., is sharing a chart that shows the crypto king is poised to break out of a symmetrical triangle dating back to 2017.
BTC now needs to close out the week above the $11,100 mark for confirmation.
Brandt cites large Bitcoin purchases from payments giant Square and business intelligence company MicroStrategy as significant fundamental factors driving Bitcoin’s price.
Collectively, the two companies have bought $500 million worth of Bitcoin within the last month.
“It is a major development that a global corporation is now putting BTC onto its balance sheet. The weekly and daily charts a poised to flash a big buy signal.”
Back in January, Brandt said Bitcoin could surpass $100,000 in its current long-term cycle.
However, as the COVID-19 pandemic continues to hit financial markets, the veteran technical trader revealed last month that he exited the crypto market and moved his assets to the US dollar.
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