Billionaire investor and CEO of Capital Management Chamath Palihapitiya says he plans to become more vocal about his support for Bitcoin.
Palihapitiya, which bought 1 million BTC back in 2013, says in a recent interview with Bullish that his interest in the space was reignited.
“I’ve tried to temper [my excitement]. I think I will become a little more vocal around my support for him.
I was an early owner. I’ve owned it for a very long time. I think my average dollar cost is $ 120, something that way. My first purchase was $ 80. I stopped buying at $ 130. ”
Palihapitiya says it has long regarded BTC as a hedge against a global economic catastrophe, but now believes its use case could be even greater.
“I think it’s a hedge. I’ve always considered it a form of schmuck insurance against this orthodoxy that you just talked about. But I think in other countries it’s more than a hedge. I think it is becoming the primary mechanism of value, storage and exchange.
I’m going to spend a little more time now. I kind of set it and forget it. A bunch of [my] coins went to a bunch of different companies to stand for a bunch of different businesses for them, lending, ETFs, trading, etcetera because I didn’t want to own the coins. I wanted shares only because it’s easier for me to tax structure shares. But I’m going to pay a lot more attention going forward and I’m going to make it one of these four or five things that I’m now becoming an expert in again. ”
In this age of emergency government stimulus measures and huge money printing, Palihapitiya says the Fed will continue to keep equity going.
“The level of mixing between fiscal and monetary policy, I’ve never seen that before. I think we won’t really know how that big head feels for another decade …
We know at least until 2023 that you can be basically long equity with your eyes closed … Basically, the Fed said we’re going to keep rates at zero until 2023. So what that basically means is that you can be effective long and for some people if they know how to manage the leveled risks of prolonged risk, because you will always have an offer. “
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