Chamath Palihapitiya, venture capitalist and head of Virgin Galactic, made very critical statements about the leading cryptocurrency Bitcoin. Billionaire BTC supporter, who participated in CNBC’s Squawk Box program, hinted that people could say, “Well, I have bought Bitcoin” years later, and underlined that it is necessary to get BTC already.
"Now all of a sudden even he [Paul Tudor Jones] is looking at #btc and the reason is because we are in this massive deflationary spiral," says @Chamath. "I still struggle to find anything that is as uncorrelated to anything else and to everything else than #bitcoin." pic.twitter.com/TzIG9H05dq
— Squawk Box (@SquawkCNBC) May 12, 2020
Give Bitcoin A Chance
Chamath hinted that the economies affected by the coronavirus are actually moving into an even bigger pit with unlimited money printing. Indicating that Paul Tudor Jones, one of the legendary investors of Wall Street, started to make BTC investments all of a sudden, he stated that the reason for this is the huge deflation spiral we are in. With this statement, Chamath emphasized that many assets and markets in the world are losing value and stated that BTC stands out with this feature.
Bitcoin has indeed managed to compensate for the fall on March 12 in a short time, and again reached $ 9,000, or pre-fall levels. Indicating that it is difficult to find another asset in the market that is as unrelated and independent as Bitcoin, Chamath thinks that investors should give BTC a chance before it is too late.