Chamath Palihapitiya is the CEO of Social Capital and he advises investors to “just buy bitcoin” to enjoy the profit later.
Bitcoin as insurance
Chamath Palihapitiya was recently interviewed on CNBC Squawk Box about bitcoin. He said that in his opinion bitcoin is the best insurance against the traditional financial infrastructure. The venture capitalist and former Facebook manager entered bitcoin early. He has had bitcoin since the cryptocurrency was only worth a hundred dollars.
Palihapitiya said that investors should just buy bitcoin. “Whether you support fiscal and monetary policy or not, that doesn’t matter. This is the insurance that you must have under your mattress. “
According to Palihapitiya, he and some of his friends in Silicon Valley in 2013 owned nearly five percent of the total bitcoin stock. He thinks that bitcoin will be worth one million dollars within twenty years.
If you compare today’s price with that of the beginning of this year, the value of bitcoin times has gone three. More and more analysts are predicting that before the end of 2019, the bitcoin will exceed its previous all-time high of $ 20,000.
What a timing
This interview took place when bitcoin was worth about $ 13,073 on Wednesday. The euphoria was short-lived, the rate fell back to 11,450 dollars last night. A decrease of $ 1,500, in many other markets, that is cause for concern, but this volatility is quite typical of the crypto market.
Investors who know the tricks of the trade, and who are used to these sharp declines, therefore remain calm. The popular crypto analyst Josh Rager tweeted:
Just ranging, no need to panic https://t.co/NlWdu77lWZ
– Josh Rager ? (@Josh_Rager) July 10, 2019
According to Rager, it is perfectly normal for bitcoin to fall back a little after the recent prolonged upward movement. Rager believes that after a short period of consolidation, Bitcoin will make a second attempt to match and exceed the peak of 2019. He is also positive about the end of July. He mainly sees support and hardly any resistance on his technical analysis.
$ BTC Monthly
The monthly close is still a few weeks away but you can’t deny the bullishness if Bitcoin can close above the previous ATH close at $ 13,863
On high-time frames it will be clear skies with no price history resistance overhead, only support
Countdown to July 31st pic.twitter.com/E1OI6mnZMV
– Josh Rager ? (@Josh_Rager) July 10, 2019
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