Bitcoin will always be insurance under the mattress

The CEO of venture capital firm Social Capital believes that Bitcoin is the best tool for hedging risks associated with the traditional financial system.

During a panel discussion on CNBC on July 9, participants discussed the prospects for the first cryptocurrency. Chamath Palihapitiya, general director of venture capital firm Social Capital, shared his thoughts on this topic:

“If you want to hedge the risks associated with traditional financial infrastructure, then Bitcoin is ideal. It doesn’t matter if you are a supporter of fiscal or monetary policy – Bitcoin will always be a scam insurance under the mattress. ”

The discussion participants supported the conversation on this topic, noting that many people really often overlook the importance of cryptocurrency and the blockchain technology underlying it. One of the participants said:

“Bitcoin was at around $ 9,000 when I realized that distributed registries could have greater intrinsic value than something released by the state.”

Palihapitiya is one of the early Bitcoin investors. He bought it a few years ago when it cost about $ 100. In his opinion, people should pay attention to this tool, especially against the background of the worsening economic situation in the world.