Billionaire investor Chamath Palihapitiya says bitcoin will rise to $ 200,000 as more investors realize they need an “unencumbered hedge” against untrustworthy national leaders | Currency News | Financial and business news

  • Billionaire investor Chamath Palihapitiya CNBC Thursday BitcoinIts price could rise to $ 200,000 as soon as in five years as the “fabric of society is exhausted” and investors realize that they need an unencumbered hedge in their portfolios.
  • Palihapitiya said: “Every time you see all these things happening, it just reminds you that he’s awesome. Our leaders are no longer as trustworthy and reliable as they were before.” “So, in case of necessity, we really need some type of insurance that we can keep under our pillow that gives us some access to an unencumbered hedge.”
  • Bitcoin reached a new all-time high of over $ 41,000 on Friday morning.
  • Palihapitiya has preached about Bitcoin since he started investing in it in 2012, a few years after the coin was launched. In 2017, he said that Bitcoin’s price could hit $ 1 million before 2037.
  • Watch bitcoin trading live here.

Billionaire investor Chamath Palihapitiya CNBC Thursday Bitcoin That could go up to $ 200,000. The chief executive of social capital said he does not know exactly when bitcoin will reach that price, but it is “going there” and could happen in five or ten years.

His comments come as Bitcoin surpasses new records. Bitcoin It hit a new all-time high of over $ 41,000 on Friday morning. The price of the cryptocurrency rose by more than $ 10,000 in the past week.

Palihapitiya explained that Bitcoin is rising as more investors are realizing that national leaders are untrustworthy, and that they need to add hedging to their portfolios. His interview came just one day after a violent mob of Trump supporters broke into the Capitol.

Palihapitiya said: “Every time you see all these things happening, it just reminds you that he’s awesome. Our leaders are no longer as trustworthy and reliable as they were before.” “So, in case of necessity, we really need some type of insurance that we can keep under our pillow that gives us some access to an unencumbered hedge.”

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He said Bitcoin would “eventually move to something more important,” but for the time being, it would remain a wallet hedge.

“The fabric of society is worn out and until we think how to improve it, it is time to just have a little insurance on the side,” Palihapitiya said.

Palihapitiya has preached about Bitcoin since he started investing in 2012, a few years after the coin was launched. In 2017, an investor said that the bitcoin price could hit $ 1 million before 2037.

“Can you play the clip in 2012 and [2013] When he was at 200 and everyone was laughing at me on CNBC every time I talked about bitcoin? Palihapitiya asked Scott Wabner of CNBC on Thursday.

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