Chamath Palihapitiya, a billionaire venture capitalist, said in an interview with CNBC that Bitcoin is growing speedily and will soon hit $200,000. He believes people have now realized Bitcoin can offer insurance in an unstable society.
In reference to his previous predictions about the rise of Bitcoins, he says:
“Can you play the clip in 2012 and 2013 when it was at $200 and everybody was laughing at me on CNBC everytime I would talk about Bitcoin?
The billionaire also claims that Bitcoin will continue to rise amidst rising economic instability. The non-existent relationship with the macro economy is what Palihapitiya believes will fuel this rise. However, he admits that he does not know when this prediction may happen.
“In what period? I don’t know – five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that… our leaders are not as trustworthy and reliable as they used to be…. We really need to have some kind of insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”
The venture capitalist, who is also the chairman of the Virgin Galactic board, says he bought 1 million BTC when they sold for about $80 per coin. Currently, that amount is worth more than $37.5 billion.
Although he didn’t specify whether or not he still owns all the Bitcoins, Palihapitiya said last year that most of his bitcoin sits with a company that uses it to trade.
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