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Palihapitiya says savings money will be ‘rocket fuel’ for assets like housing and stocks

Palihapitiya says savings money will be ‘rocket fuel’ for assets like housing and stocks

January 7, 2021 06:05 by NewsDesk

Chamath Palihapitiya speaking at the Delivering Alpha 2017 conference in New York on September 12, 2017.

David A. Grogan | CNBC

Consumers have been sitting at home for months and months, and without typical things to spend money on, bank account assets are growing. And that is a positive sign for the shares, according to the CEO of Social Capital, Chamath Palihapitiya.

He said that the combination of consumer savings and cash in financial markets that have reached a historic peak will act as “rocket fuel” for assets.

“Whether it’s real estate markets, whether it’s capital purchases, like cars or vacations, or stocks, in this case – if we’re still in a blockade, these things will just go to the moon for a while,” he said on Thursday at ” CNBC break report “.

“You just have to take it. Everyone who’s trying to understand why you shouldn’t take long will, I think, regret the next 18 to 24 months.”

His comments were made at a time when the main averages soared to new highs on Thursday, after also advancing on Wednesday, despite the turmoil in Washington. Investors hope that a Democratic-controlled Congress will lead to more stimulus payments to consumers.

Palihapitiya said that with stocks at record levels, investors should not just discard the names that worked. His comments were specifically related to his position at Tesla.

Despite a 750% gain in shares last year, Palihapitiya said he believed the shares could double or even triple.

“I don’t understand why people are so focused on selling things that work,” he said. “When things are working, you get paid to be with people who know what they’re doing. This is a guy [Elon Musk] who has consistently been one of the most important entrepreneurs in the world. And then why bet against him, “he said.

Palihapitiya also weighed in the record bitcoin race, as the cryptocurrency hit $ 40,000 for the first time on Thursday.

“It probably goes to $ 100,000, then $ 150,000 and then $ 200,000,” Palihapitiya told CNBC. “In what period? I don’t know. [Maybe] five or ten years, but it is going there. “

On Thursday, online finance startup SoFi announced it would go public by merging with a blank check company run by Palihapitiya.

– Fred Imbert, from CNBC, contributed reporting.

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Tags assets, Breaking news: business, Breaking news: Investing, Breaking news: markets, business news, Capital Social Hedosophia Holdings Corp III, Chamath Palihapitiya, economy, fuel, housing, Markets, money, Palihapitiya, rocket, savings, Stock market, stocks, Wall Street

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