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Chamath Palihapitiya sees Bitcoin as a guarantee against uncertainty



The price of Bitcoin (BTC) has risen sharply in the past few days and weeks, and recently exceeded $40,000. According to venture capitalist and billionaire Chamath Palihapitiya (Chamath Palihapitiya), Bitcoin is an asset largely unfettered by government power and can deal with global uncertainty.

Palihapitiya cited a possible 5-year or 10-year time frame, saying that Bitcoin may reach $200,000 at some point. In an interview with CNBC on Thursday, he said: “The reason is that whenever you see all these things happening, it only reminds you that our leaders are not as trustworthy and reliable as before.” He added:

“So, just in case, we really do need some kind of insurance that we can stick to so that we can get some irrelevant hedging.”

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Since the pandemic swept the world in 2020, governments around the world have taken various measures to deal with its economic impact. Especially in the United States, a lot of dollars have been printed and spent.

Bitcoin knows no borders and is run by the people. Bitcoin allows holders to control their own funds-without central authorization. In addition, in October 2020, Fidelity released a report showing that Bitcoin lacks price correlation with other markets such as gold and stocks.

Speaking of Bitcoin, Palihapitiya said: “It will eventually transition to something more important, but for now, you just have all the data points that prove it.”

“The structure of society is worn down. Before we can figure out how to make it better, it’s time to just buy a little schmuck insurance. Everyone has participated. This is an incredible thing. I can’t imagine. .”

Since the beginning of 2020, cryptocurrencies have been widely adopted, including large participants interested in BTC. However, some influential financial data, such as Kevin O’Leary of Shark Tank, is still skeptical of Bitcoin, saying that regulation is a potential problem.

The U.S. Commodity Futures Trading Commission has previously classified Bitcoin as a commodity, although recent actions have shown increased supervision of the cryptocurrency sector, which is partly reflected in the government’s proposal to restrict self-custodial digital asset wallets.