Billionaire venture capitalist Chamath Palihapitiya says Bitcoin (BTC) is solidifying its role as the ultimate asset that protects investors' capital from inflation.
In a new episode of the All-In Podcast, the Social Capital CEO and early Bitcoin investor says BTC stands to take over gold as the best inflation hedge.
Palihapitiya said it would be imprudent for Bitcoin investors to try to time the market as he believes BTC will serve a unique purpose into the next century.
“I don't think you can trade these things. And any attempt to do that would probably end up losing more money, more slippage, and even just trying to do it would result in a false You will reach a level of precision.”
I mean, at the beginning of this year, I said the breakout asset was going to be Bitcoin. It looks like it will be a strong inflation-hedging asset for the next 50 or even 100 years.
So the die was cast.
I think we're starting to see the last vestiges of people using gold as a rational economic insurance policy, and I think the future in that dimension is especially Bitcoin. ”
Earlier this year, Palihapitiya said it was within the realm of possibility for countries to use BTC alongside their own currencies. According to the billionaire, countries that adopt BTC will be able to help their citizens cope with rising prices of goods and services.
“More and more countries are going to have dual currencies, and they're going to look at their own currency and then they're going to look at Bitcoin. They're going to say they need both of those things.
One is when you trade random goods and services on a daily basis, and the other is when you need to buy a permanent asset that has a residual value, such as BTC. And I think that's a very powerful concept. ”
At the time of this writing, Bitcoin is trading at $67,760, up more than 1% in the past day.
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