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Chamath Palihapitiya discusses BTC price saying if it was to significantly increase, the result would be ‘Cataclysmic’ 

Chamath Palihapitiya discusses BTC price saying if it was to significantly increase, the result would be ‘Cataclysmic’ 
  • Chamath Palihapitiya has said that bitcoin is a kind of disaster insurance against governments that makes bad financial decisions. 
  • Speaking in an interview earlier this week, the CEO/chairman said that hard-working people need something similar to bitcoin as insurance. 

The chief executive officer of Social Capital and the chairman of Virgin Galactic, Chamath Palihapitiya has said that bitcoin is a kind of disaster insurance against governments that makes bad financial decisions. Speaking in an interview earlier this week with unchained podcast on the 23rd of June, the CEO/chairman said that hard-working people need something similar to bitcoin as insurance. This is because the cryptocurrency is, in his words, really fundamentally uncorrelated to the consequences of legislators behaving poorly. 

To this end, the CEO did highlight that for the price of bitcoin to spike, things would need to go extremely south in the traditional financial world. He further said:

“If your Bitcoin bet pays off, it will be cataclysmically destructive for the world. And that’ll have enormous consequences to many people we all know and care about who weren’t hedged in Bitcoin. And so you almost don’t want it to happen.”

In the past, Palihapitiya has predicted that the value of bitcoin could either spark to a high of $1 million or drop to $0.

In fact, he has invested in bitcoin himself in 2010 by buying 1 million bitcoins for $80. Of course, when bitcoin hit its all-time high in 2017, this was worth billions.


It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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