Billionaire Says an Exponential BTC Price Increase Would be a Disaster
Chamath Palihapitiya says Bitcoin is uncorrelated to financial markets, which is one reason people should invest 1% of their wealth in it.
Chamath Palihapitiya, the billionaire CEO of Social Capital and Virgin Galactic Chairman, has called Bitcoin a type of disaster insurance against governments making bad financial decisions.
In an interview with Unchained Podcast on June 23, Palihapitiya said hard-working people need something like Bitcoin as insurance, as the cryptocurrency is “really fundamentally uncorrelated” to the consequences of legislators behaving badly.
However, the CEO pointed out that for the Bitcoin price to skyrocket at this point, things would have to go terribly wrong in the financial system, with disastrous impacts on your friends and family.
“If your Bitcoin bet pays off,” Palihapitiya said, “it will be cataclysmically destructive for the world.
Coin Telegraph - 26th Jun 04:06