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Billionaire investor Chamath Palihapitiya says Bitcoin will rise to $ 200,000 as more investors realize they need “uncorrelated hedging” against untrusted national leaders | Currency news Financial and business news



Bitcoin
  • Billionaire investor Chamath Palihapitiya said CNBC on Thursday BitcoinThe price could rise to $ 200,000 in at least five years when “the fabric of society is falling apart” and investors realize they need uncorrelated coverage in their portfolios.
  • “Every time you see all this happening, it just reminds you that wow, our leaders are not as trustworthy and trustworthy as before,” Palihapitiya said. “And, in any case, we must have some kind of insurance that we can keep under our pillow, which will give us access to an uncorrelated hedge.”
  • Bitcoin hit a new all-time high of $ 41,000 on Friday morning.
  • Palihapitiya has been preaching about bitcoin since it began investing in it in 2012, a few years after the currency was founded. In 2017, he said the price of Bitcoin could rise $ 1 million before 2037.
  • Watch live bitcoin transactions here.

Billionaire investor Chamath Palihapitiya told CNBC on Thursday that Bitcoin could rise to $ 200,000. The CEO of Social Capital said that he does not know exactly when bitcoin will reach this price, but “it goes there” and it can happen in five or ten years.

His comments come as bitcoin roars after new records. Bitcoin hit a new all-time high of $ 41,000 on Friday morning. The price of the cryptocurrency has earned over $ 10,000 in the last week.

Palihapitiya explained that bitcoin is on the rise because more investors are realizing that national leaders are not trustworthy and need to add hedging against their portfolios. His interview came just a day after a violent crowd of Trump supporters violated the chapter.

“Every time you see all this happening, it just reminds you that wow, our leaders are not as trustworthy and trustworthy as before,” Palihapitiya said. “And, in any case, we must have some kind of insurance that we can keep under our pillow, which will give us access to an uncorrelated hedge.”

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He said Bitcoin would “eventually move to something more important,” but for now it will remain a portfolio hedge.

“The fabric of society is torn, and until we figure out how to improve it, it’s time to have only a little insurance,” Palihapitiya said.

Palihapitiya has been preaching about bitcoin since it started investing in 2012, a few years after the currency was founded. In 2017, the investor said the price of Bitcoin could reach $ 1 million by 2037.

“You can play the video in 2012 and [2013] when I was 200 and everyone laughed at me on CNBC every time I talked about bitcoin? Palihapitiya asked CNBC’s Scott Wapner on Thursday.

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