Billionaire venture capitalist Chamath Palihapitiya thinks Bitcoin is on its way to a $200,000 price point.
Palihapitiya, the founder and CEO of Social Capital, says in a new CNBC interview that Bitcoin is on its way to meteoric heights as people realize Bitcoin can offer them insurance in a politically and economically unstable society.
“Can you play the clip in 2012 and 2013 when it was at $200 and everybody was laughing at me on CNBC every time I would talk about Bitcoin?
Where is it going? It’s probably going to $100,000, then $150,000 then $200,000.”
Palihapitiya says Bitcoin’s properties as a scarce asset that’s largely uncorrelated with the macro economy will continue to fuel its rise amidst rising economic uncertainty, although the timing of his prediction is unknown.
“In what period? I don’t know – five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that… our leaders are not as trustworthy and reliable as they used to be. And so just in case, we really do need to have some kind of insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.
The venture capitalist, who also serves as chairman of the Virgin Galactic board, says he purchased 1 million BTC in the crypto asset’s early days for about $80 per coin.
He hasn’t confirmed whether or not he still owns all of it. At time of publishing, that BTC is worth more than $37.5 billion.