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REUTERS / Dado Ruvic / Illustration
- Billionaire investor Chamath Palihapitiya told CNBC Thursday BitcoinThe price of the company could climb to $ 200,000 within five years, as the “fabric of society unravel” and investors realize they need uncorrelated hedge in their portfolios .
- “Every time you see everything that is going on it reminds you that wow our leaders are not as trustworthy and reliable as they used to be,” said Palihapitiya. “And so just in case, 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 hit a new all-time high of over $ 41,000 on Friday morning.
- Palihapitiya has preached on bitcoin since he started investing in it in 2012, a few years after the coin was created. In 2017, he said the price of bitcoin could reach $ 1 million before 2037.
- Watch Live Bitcoin Trading Here.
Billionaire investor Chamath Palihapitiya told CNBC on Thursday that bitcoin could climb to $ 200,000. The CEO of Social Capital said he’s not sure exactly when bitcoin will hit that price, but “it’s going out there” and could arrive in five or ten years.
His comments come as bitcoin breaks new records. Bitcoin hit a new all-time high of over $ 41,000 on Friday morning. The price of the cryptocurrency has gained over $ 10,000 last week.
Palihapitiya explained that bitcoin is on the rise as more and more investors realize that national leaders are not trustworthy and need to add hedge to their wallets. His interview came just a day after a violent mob of Trump supporters violated the Capitol.
“Every time you see everything that is going on it reminds you that wow, our leaders are not as trustworthy and reliable as they used to be,” said Palihapitiya. “And so just in case, 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 move on to something much bigger,” but for now there will remain a wallet hedge.
“The fabric of society is frayed and until we figure out how to improve it, it’s time to have just a little shit insurance on the side,” Palihapitiya said.
Palihapitiya has preached on bitcoin since he started investing in 2012, a few years after the coin was created. In 2017, the investor said the price of bitcoin could reach $ 1 million before 2037.
“Can you play the clip in 2012 and [2013] when it was 200 and everyone was laughing at me on CNBC every time I talked about bitcoin? Palihapitiya asked CNBC’s Scott Wapner Thursday.
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