REUTERS / Dado Ruvic / Illustration
- Billionaire investor Chamath Palihapitiya told CNBC On thursday bitcoinThe company’s price could rise to $ 200,000 in just five years, when the “partnership structure is eroded” and investors realize they need an uncorrelated hedge in their portfolios.
- “Every time you see all of this happening, it just reminds you that, wow, our leaders are not as reliable and reliable as they used to be,” said Palihapitiya. “And so, to be sure, we really need to have some kind of insurance that we can keep under our pillow that gives us some access to an uncorrelated hedge.”
- Bitcoin reached a new historical record 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’s launch. In 2017, he said the price of bitcoin could reach $ 1 million before 2037.
- Watch the bitcoin trade 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 will reach that price, but “it is going there” and could happen in five or ten years.
His comments come as bitcoin breaks new records. Bitcoin reached a new historical record of more than $ 41,000 on Friday morning. The price of the cryptocurrency rose more than $ 10,000 last week.
Palihapitiya explained that bitcoin is growing because more investors are realizing that national leaders are unreliable and need to add protection to their portfolios. His interview was just a day after a violent crowd of Trump supporters invaded the Capitol.
“Every time you see all of this happening, it just reminds you that, wow, our leaders are not as reliable and reliable as they used to be,” said Palihapitiya. “And so, to be sure, we really need to have some kind of insurance that we can keep under our pillow that gives us some access to an uncorrelated hedge.”
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He said bitcoin “will eventually make the transition to something much more important”, but for now, it will remain a portfolio hedge.
“The fabric of society is frayed and, until we figure out how to make it better, it’s time to just have some stupid insurance,” said Palihapitiya.
Palihapitiya has been preaching about bitcoin since he started investing in 2012, a few years after the coin’s launch. In 2017, the investor said the price of bitcoin could reach $ 1 million before 2037.
“You can play the clip in 2012 and [2013] when it was 200 and everyone laughed at me on CNBC every time I talked about bitcoin? ”Palihapitiya asked CNBC’s Scott Wapner on Thursday.
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