➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
‘Buy Bitcoin‘ is emerging as the mantra against the ongoing global financial crisis.
The latest to join the cryptocurrency bandwagon is Chamath Palihapitiya, a billionaire venture capitalist with a history of investments in startups that Google and Microsoft would later acquire.
The Social Capital CEO was appearing on a CNBC daily to speak about the vast disconnect between a suffering economy and a cheering stock and bond market.
“We have completely divorced the economy from the stock and the bond markets,” Social Capital CEO Chamath Palihapitiya says. “The Fed has been the principal agent of that obfuscation.”
Before mentioning BTC, Palihapitiya criticized the U.S. Federal Reserve for launching a stimulus package that helped to inflate assets instead of helping taxpayers and consumers. He added that the central bank’s move neither solved income disparity nor unemployment.
What it did was allowing a few entities to play the financial markets to make more money.
The conversation shifted to the deflationary aspects of the Fed’s stimulus.
While Palihapitiya praised the Fed’s efforts to protect the U.S. economy amidst the coronavirus pandemic, he warned that the central bank’s decision to purchase corporate debt ETFs and balloon its balance sheets further could quicken “a really bad deflationary supercycle.”
When the question about where investors should put their capital as the economy shrinks popped, Palihapitiya recommended Bitcoin.
The veteran praised the cryptocurrency for its lack of correlation with other traditional assets.
He suggested that the feature alone could help investors obtain insurance against a deflating economy, citing Paul Tudor Jones, the founder & CEO of a $22 billion hedge fund, for taking a similar approach.
“Now all of a sudden even he is looking at bitcoin and the reason is [that] we are in this massive deflationary cycle,” said Palihapitiya. “I still struggle to find anything that is as uncorrelated to anything and to everything else than bitcoin.”
BITCOIN ADOPTION ON WALL STREET
Tudor Jones, on Monday, had told CNBC that he is holding about 1-2 percent of his net portfolio in the Bitcoin futures.
The billionaire investor, like Palihapitiya, commended the cryptocurrency for behaving as an insurance against the Fed’s massive money printing.
In other trending Bitcoin News today:
Crypto Milestone: Banking Giant JPMorgan Chase Provides Bitcoin (BTC) Bridge for Coinbase Customers The largest bank in the United States is singing a new tune about Bitcoin.
JPMorgan Chase is now offering banking services to cryptocurrency exchanges Coinbase and Gemini in a pivotal and critical turn for Bitcoin and digital assets as an emerging mainstream form of money.
The Wall Street Journal reports that JPMorgan Chase will allow Coinbase and Gemini customers based in the US to make ACH (automated clearing house) withdrawals and transfers, marking the end of the bank’s anti-crypto era led by CEO Jamie Dimon, the industry’s most outspoken crypto critic.
Dimon called Bitcoin “a fraud” in September of 2017. The chief executive went a step further when he threatened to fire any “stupid” employees caught trading the cryptocurrency.
That position has melted in the wake of the macro economic landscape that is awash in money printing, instability, mounting debt, shrinking GDP and a tumultuous stock market that has left investors looking for a hedge.
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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:
2014: “Bitcoin is a terrible store of value,” said Jamie Dimon2015: “Bitcoin will not survive”2016: “Bitcoin is going nowhere”2017: “Bitcoin is a fraud”2018: “I don’t really give a shit about bitcoin”
2020: –>https://t.co/rAWTvg2zL3
— Barry Silbert (@barrysilbert) May 12, 2020
“Buy Bitcoin,” Another Billionaire VC Tells Investors Looking to Escape Massive Deflation