To become a millionaire Chamath Palihapitiya says he has 1 million in bitcoins has been purchased in 2013, however, he warned that the success of bitcoin coupled with a worldwide economic catastrophe. Palihapitiya, sees bitcoin as a insurance policy against financial armageddon.
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Everyone should have 1% of wealth in bitcoin sting
The 43-year-old billionaire, and president of the space on Virgin Galactic, said at the Unchained Podcast in which all of the investors of 1% of their portfolio in bitcoin to raise. In order, then, to hope that the 1% have never used it.
“I just think that people who have worked hard, and they should have the opportunity to make sure that they are not to be wiped out if the government will just continue to make a series of bad decisions. And bitcoin is, for me, the only thing that I have seen is that it really is fundamentally, has nothing to do with that decision-making process, and decision-making.’
‘Because in the end, all the different types of asset classes such as equities, debt, real estate, raw materials, coupled with a regulatory framework. All of these are intertwined with the financial markets in which governments have an influence on it.”
A bet against the ruling class
And so, it’s almost as if it were a bet against the ruling class, to make sure that you have a small amount of insurance. You may want to use this huge, unbalanced withdrawals, because you’ll want to make sure that it is a small amount of money to the insurance coverage, you could potentially save. And that’s why I think that you are just 1% of your portfolio should be taking in bitcoin will need to stop, never to look at it… and hope for that 1% to zero.’
Palihapitiya was two months ago, to be immortal, when he was on live television and said that the hedge funds and billionaires, but a nice bust to go. That was back in april, when the debate was about who to bail out, the Us government would have to get it.
The success bitcoin has been disastrous for the world
The vc will notice that bitcoin is indeed a good hedge against traditional assets, but investing in a computer is does not pay due to a single event. He said that the success of Bitcoin is dependent on the sum of many bad decisions made by governments, it’s something no one should have to strive for.
‘If bitcoin is the insurance is paying out, it will be catastrophic for the world. And that will have a profound impact on a lot of the people who we are and what we care about, and not a single bitcoin will have. And so if you it happens to me.’
Palihapitiya, sees only one way to bitcoins success, and that is to make a complete financial collapse. He believes that there is a much easier-to-use products for virtual payment mechanisms to be able to serve.
1 million in bitcoin, after a conversation in 2013
Another interesting statement is that he was in 2013, with 1 million bitcoins could be bought for $ 80 a piece. At this moment, 9 billion dollars worth.
‘ Wences Casares was the one who made it for me in 2010 as proposed, and we would be going to Las Vegas for his 40th birthday. I have to remind myself that I’m three days away from my family office called me and said, ” Buy a million Bitcoin’. That’s the way I started it. It was like $ 80 or something like that. And the sound was just a little bit more interesting.’
“But then, it took me a few years to really understand it. I didn’t really understand all the mechanics of it, and to be honest with you, I am most of the mechanics are now, forget it. I’ve studied a… I’ve made the decision to buy it, and never have to think about it.’