- Billionaire investor Chamath Palihapitiya told CNBC in Thursday bitcointhe price could jump to $ 200,000 in just five years, when “society’s fabric is worn out” and investors realize they need an uncorrelated hedge in their wallets.
- “Every time you see all this happening, it just reminds you that wow, our leaders are not as reliable and trustworthy as they used to be,”
- Bitcoin reached a new record of over $ 41,000 on Friday morning.
- Palihapitiya has been preaching about bitcoins since it began investing in it in 2012, a few years after the coin was created. In 2017, he said the price of bitcoins could reach $ 1 million before 2037.
- Watch the bitcoin trade live here.
Billionaire investor Chamath Palihapitiya told CNBC on Thursday that bitcoin could jump to $ 200,000. The CEO of Social Capital said he did not know exactly when bitcoin would reach that price, but it “goes there” and could happen in five or ten years.
His comments come as bitcoin roars past new records. Bitcoin reached a new record high of over $ 41,000 on Friday morning. The price of the cryptocurrency has exceeded over $ 10,000 in the last week.
Palihapitiya explained that bitcoin is growing because more and more investors are realizing that national leaders are unreliable and need to add a hedge to their portfolios. His interview came just a day after a violent mob of Trump supporters broke the Capitol.
“Every time you see all this happening, it just reminds you that wow, our leaders are not as reliable and trustworthy as they used to be,” Palihapitia said. “So, just in case, we really need to have some insurance that we can keep under our pillow that gives us some access to uncorrelated hedges.”
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He said that bitcoin “will eventually move to something much more important”, but for now it will remain a hedge of the wallet.
“The fabric of society is worn out and until we figure out how to do it better, it’s time to have just a little great insurance on the side,” Palihapitia said.
Palihapitiya has been preaching about bitcoin since it began investing in 2012, a few years after the coin was created. In 2017, the investor said that the price of bitcoins could reach $ 1 million before 2037.
“Can you release the video in 2012 and  when I was 200 and everyone laughed at me on CNBC every time I talked about bitcoins? “asked Palihapitia Scott Vapner of CNBC.
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