Virgin Galactic CEO Chamath Palihapitiya said investing in Bitcoin is the right strategy, but people shouldn’t get too caught in the price.
Chamath Palihapitiya, dollar billionaire entrepreneur and CEO of Virgin Galactic, stated that there is a need to invest in Bitcoin, but price discussions only cause manipulation.
Palihapitiya, who was interviewed on CNBC’s Squawk Box program, was asked about her thoughts on the fact that Bitcoin should be a non-correlated asset, especially when it started to go parallel with the stock market and BTC’s “price that did not increase”.
Concerning the matter, Palihapitiya said that he still sees Bitcoin as a safeguard against the financial system controlled by central banks and large institutions, and stated that judging BTC based on short-term dynamics should be abandoned:
“Bitcoin is not a price-focused issue. Much bigger… The more people are indexed to price, the more disappointed and upset they will be. They will be surprised. The more you look at the price, the more Bitcoin will seem to correlate with other assets. But despite the appearances, that won’t be the case. Because people interpret the dynamics of the order and the order. Bitcoin is not this ”
“1 percent Bitcoin makes you sleep comfortably at night”
Palihapitiya also said that even the 1 percent BTC in the portfolio is an insurance that will allow people to sleep comfortably at night when central banks and governments “get stuck”:
“Put it under your bed and forget it”
“I see more and more people interpreting Bitcoin with its price every day. They treat it like stocks or bonds. In the end, they will be disappointed. They try to connect the nonexistent points. It’s not what it seems. Put it under your bed and don’t think. The position of 1 percent is not unreasonable. ”
The successful investor also warned that people who see Bitcoin as a traditional security may regret their strategy over time:
“You buy it, you hold it or you pick it up and put it away. Sometimes you think you won’t need it at all. Because none of us actually want to reach the level that will turn Bitcoin into real world money. But if this happens, the balance of power will be redistributed, financial availability would reach billions of people.