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Billionaire says an exponential rise in BTC price would end in disaster

June 26, 2020

Chamath Palihapitiya, the billionaire CEO of Social Capital and president of Virgin Galactic, has described Bitcoin as a kind of insurance against disasters caused by governments that make poor financial decisions.

In an interview with Unchained Podcast on June 23 Palihapitiya He said that hard-working people need something like Bitcoin as a safe guy, since the cryptocurrency “really doesn’t fundamentally correlate with the consequences for legislative misconduct”.

However, The CEO found that the price of Bitcoin should skyrocket at the time and go horribly wrong in the financial system, which would be catastrophic for your friends and family.

Billionaire says an exponential rise in BTC price would end in disasterBillionaire says an exponential rise in BTC price would end in disaster

“If your Bitcoin bet is worth it”Palihapitiya said: “It will be catastrophically destructive to the world, and that would have huge ramifications for many people we all know and care about, who are not protected in Bitcoin. And you practically don’t want that.”

Safe enough to “feel complete”

Palihapitiya itself invested and bought in 2010 a million bitcoin for $ 80, the value of which reached billions when the token reached its all-time high in December 2017.

No wonder the billionaire claims that Bitcoin (BTC) is compared to Second and third tier cryptocurrencies like Ethereum (ETH) are one of the few ways to achieve “asymmetric massive profitability” after such insignificant investments.

“You want to be sure that you basically feel complete with a small portion of this insurance,” said Palihapitiya. A good example is a $ 1,000 payment for a $ 1 investment. “So I think you know you should take 1% of your portfolio and put it in Bitcoin.”

“Ultimately, every other asset class (stocks, debts, real estate, commodities) is closely related to a legal framework and a connection to the financial markets that brings together many of the governments that behave in this way.” .

The billionaire also speculated that the value of Bitcoin could reach millions of dollars in the future or fall to zero.