Billionaire investor and Bitcoin supporter Chamath Palihapitiya discussed the correlation between Bitcoin and other markets in his post. Answering the questions of CNBC, Palihapitiya said “Bitcoin provides me to sleep comfortably at night”.
In a publication on CNBC, Social Capital’s founder and CEO, billionaire investor Chamath Palihapitiya, was asked about the market sentiment of Bitcoin. Palihapitiya argued that, in fact, there was basically no such sensitivity. He said that people see Bitcoin just like a stock and keep their eyes on prices at all times. The CEO claimed that this perception of correlation is actually due to investor behavior and that there is no harmony.
Famous billionaire Chamath Palihapitiya said that Bitcoin is not an asset that can be bought and sold; He underlined that it should be seen as a storage of value instead. The CEO stated that he sleeps comfortably at night with the awareness that he has even invested in Bitcoin by adopting the HODL philosophy.
The Most Profitable Attitude For Bitcoin: HODL
Billionaire entrepreneur and investor Chamath Palihapitiya claimed in his statements that the most profitable attitude to be followed for Bitcoin is the “take and hold” tactic, also called HODL. Palihapitiya defines a value storage tool for Bitcoin and stated that 1% of the portfolios can be allocated for Bitcoin. According to the CEO, the price of Bitcoin can increase tens or maybe hundreds of times over time due to both its limited supply and its independent nature from the markets.
“You buy bitcoin, put it in a corner and expect it to be valued; Meanwhile, you hope you don’t need it so as not to cash it ”
Increasing HODL movements are generally considered a positive phenomenon for Bitcoin. The more investors adopt the “buy and hold” tactic, the more people are hopeful that Bitcoin will become even more valuable in the future. That’s why Chamath Palihapitiya urged investors to “buy Bitcoin and make it under the pillow” and signaled that BTC could be much more valuable ahead for the price.