Chamath Palihapitiya, CEO of VC firm Social Capital, argues bitcoin is the single best hedge against the traditional financial system.
Chamath Palihapitiya, CEO of VC firm Social Capital, has proposed that bitcoin (BTC) is the single best hedge against the traditional financial system.
During a panel on the CNBC show Squawk Box on July 9, Chamath — a stakeholder and board member of the Golden State Warriors NBA Team, and an early Facebook executive to boot — elaborated his perspective on the cryptocurrency, saying:
“It [bitcoin] is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn’t matter: this is the shmuck insurance under your mattress.”
In response to Chamath’s remarks, his CNBC hosts admitted to having lagged behind in recognizing the significance of cryptocurrencies and their underlying technology:
“Bitcoin was probably trading at around $9,000 when I realized that distributed ledgers probably imbue more inherent value on something than a government does,” one remarked.
As reported earlier this week, bitcoin’s bullish breakthrough past the $13,000 mark — as of press time — comes hot on the heels of bleak news for the traditional banking world.
Deutsche Bank revealed plans to axe an expected ~18,000 jobs and carry out a 40% reduction of the risk-weighted assets currently allocated to its trading operations, sparking commentators to observe that DB remains “built for the old world” — unlike cryptocurrencies.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.