- Chamath Palihapitiya has just encouraged everyone to keep 1 per cent of their net worth in the leading cryptocurrency.
- Palihapitiya gave his clear opinion on the current state of the economy and the potential cause behind the recent dip in the crypto market.
Chamath Palihapitiya, the chairman and billionaire venture capitalist of Virgin Galactic, has just encouraged everyone to keep 1 per cent of their net worth in the leading cryptocurrency.
Palihapitiya made the claim that everyone should have 1% of their assets in bitcoin making the argument that the leading cryptocurrency is a correlated hedge against every other financial instrument. He said:
"When you see the amount of leverage the financial industry is running, and you think about these dislocations and exogenous things that are happening that you can't predict, there is a lot of risk to the downside."
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
But in covering his tracks, the billionaire investor made it known that people should acquire that kind of position over time. He further said:
"You quietly, over … time, accumulate a position and then you just never look at it again. And hope that that insurance under the mattress never has to come due, but if it does, it will protect you, because then that thing will be hundreds of thousands or millions of dollars per coin."
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!