Bitcoin: better than a sleeping pill? – More and more billionaires are confessing their love for Bitcoin (BTC). This is now the case of Chamath Palihapitiya, a former senior Facebook executive and current CEO of the Social Capital investment fund, which once again praises the king of cryptos.
Bitcoin on the market, but not fiats or stocks
In an interview with CNBC channel, Chamath Palihapitiya confirms how much he has become a Bitcoin fan. For the billionaire, all investors should devote at least 1% of their portfolio to Bitcoin:
“This is the insurance policy I use to help me get a good night’s sleep, in case central banks and governments around the world set foot on a mine.”
The mine in question being the fatal gear of hyperinflation:
“The reality is that they have printed so bitcoin dice much money that it is likely that we will continue to see asset price inflation regardless of who is in the White House.”
The advent of Bitcoin would create “a transfer of wealth of unprecedented magnitude”
For the same reason, the CEO of Social Capital warns about stock markets. Indeed, Bitcoin and shares are for him very distinct assets :
“(…) There is basically no correlation. [Bitcoin] is the complete opposite of how the financial infrastructure of the world today works ”.
Chamath Palihapitiya even goes even further in his reflection on the future of Bitcoin. If the mainstream financial world ends up imploding due to its uncontrolled new money creation, and the price of Bitcoin explodes:
“I think it will create a huge redistribution of wealth. (…) It will push financial accessibility to its limits, for billions and billions of people. In this, there is something to be really proud of and enthusiastic about ”.
On this last point, the billionaire insists on the fact that Bitcoin is an asset to be kept: “you buy it, you keep it, you put it aside”, but you are not having fun speculating with it. It must be kept as ” protection” .
Chamath Palihapitiya is not the first to think that Bitcoin could become the monetary benchmark of tomorrow. It is thus interesting to see that more and more investors, among those having had the most success, think the same thing about the creation of Satoshi Nakamoto.