REUTERS / Dado Ruvic / Illustration
- Billionaire investor Chamath Palihapitiya told CNBC on thursday bitcoinThe price could rise to $ 200,000 within five years if the “structure of society is weakened” and investors realize that they need an uncorrelated hedge in their portfolios.
- “Every time you see all these things happen, it just reminds you that our leaders are not that reliable and trustworthy,” Palihapitiya said. “And just in case, we really need to have some kind of insurance that can keep us under our pillow, that gives us access to an uncorrelated fence.”
- Bitcoin reached a new high of more than $ 41,000 on Friday morning.
- Palihapitiya has been preaching about bitcoin since he started investing in it in 2012, a few years after the coin was coined. In 2017, he said that bitcoin’s price could reach $ 1 million by 2037.
- Watch bitcoin trading live here.
Billionaire investor Chamath Palihapitiya told CNBC on Thursday that bitcoin could rise to $ 200,000. The CEO of Social Capital said he does not know exactly when bitcoin is going to reach this price, but ‘it is going there’ and could happen in five or ten years.
His comments come as bitcoin roars over new records. Bitcoin set a new record of more than $ 41,000 on Friday morning. The price of cryptocurrency has risen by more than $ 10,000 in the past week.
Palihapitiya explained that bitcoin is rising as more investors realize that national leaders are unreliable and that they need to hedge their portfolios. His interview came just a day after a violent crowd of Trump supporters violated the Capitol.
“Every time you see all these things happen, it just reminds you that our leaders are not that reliable and trustworthy,” Palihapitiya said. “And just in case, we really need to have some kind of insurance that can keep us under our pillow, that gives us access to an uncorrelated fence.”
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He said bitcoin will eventually move to something much more important, but for now it will remain as a portfolio hedge.
“Society’s structure has weakened and until we realize how it can get better, it’s time to just have a rogue insurance on the side,” Palihapitiya said.
Palihapitiya has been preaching about bitcoin since he started investing in 2012, a few years after the coin was coined. In 2017, the investor said that bitcoin’s price could reach $ 1 million by 2037.
“Can you play the track in 2012 and [2013] when it was at 200 and everyone laughed at me on CNBC every time I would talk about bitcoin? Palihapitiya asked CNBC’s Scott Wapner on Thursday.
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