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Bitcoin is insurance against global uncertainty

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Chamath Palihapitiya: Bitcoin is insurance against global uncertainty

„The very fabric of society is damaged, […] we all need a little insurance,“ declares the former Facebook executive

The price of Bitcoin (BTC) has risen significantly in recent weeks, even managing to cross the $40,000 mark. According to venture capitalist and billionaire Chamath Palihapitiya, BTC represents a Bitcoin Fortune hedge against global uncertainty as it is unrelated to individual government entities.

Citing a possible time horizon of five to 10 years, Palihapitiya predicts that Bitcoin will reach a price of $200,000:

„When you see everything that is happening in the world, you remember that our leaders are not as reliable as they used to be.

Therefore, just as a precaution, we need to have some kind of insurance under the pillow. Something that gives us access to unrelated coverage.“

Last year, the pandemic prompted governments around the world to take various measures to limit the damage to the economy.

In the specific case of the US, the Federal Reserve printed and spent vast amounts of money

Borderless and managed by the users themselves, Bitcoin does not require the control of any central authority. Furthermore, an October study published by Fidelity shows little correlation between BTC and other markets, such as gold and stocks.

Palihapitiya continued:

„It will become something much more important in the future, but for now we only have data on our hands to prove this.

The very fabric of society is damaged: until we find a solution to the problem, we all need a little insurance. That’s the reason for its current success: it’s really incredible, I would never have imagined it.“

The past year has seen a significant increase in Bitcoin adoption, especially by large institutional players. However, some key figures, such as Kevin O’Leary of Shark Tank, remain sceptical about the future of the cryptocurrency.