Recently speaking on CNBC’s Squawk Box, the CEO of Social Capital Chamath Palihapitiya has said that he believes Bitcoin is “the single best hedge against the traditional financial infrastructure.” The venture capitalist and former Facebook executive was an early investor of Bitcoin who started buying into the leading cryptocurrency when it was worth just $100 a pop. Palihapitiya went on to say:
“Just buy the coins. Whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress.”
Back in 2013, Palihapitiya and a few of his friends owned almost five percent of the whole circulation of Bitcoin which the founder thinks will be worth at least $1 million in twenty years time.
The CEOs comments come as Bitcoin surged passed $13k just before it slipped back down to $12k mark. Currently, the market is all in the red with Bitcoin priced at $11.5k following an 11 percent decrease over the past 24 hours.
Some experts and analysts don’t seem fazed by the quick drop in value with Josh Rager saying that Bitcoin is “just ranging, no need to panic.”
In fact, he goes on to say that this loss in value is completely normal considering it experienced a prolonged move upwards and Rager thinks that after a short period of consolidation Bitcoin will make a second attempt at overcoming its 2019 high at $13.8k
The monthly close is still a few weeks away but you can’t deny the bullishness if Bitcoin can close above the previous ATH close at $13,863
On high-time frames it will be clear skies with no price history resistance overhead,