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❕NEWS A Billionaire says that Bitcoin price can only skyrocket when disaster happens

B

Balint098

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The CEO of Social Capital and Virgin Galactic Chairman, Chamath Palihapitiya said that since Bitcoin has no correlation with conventional financial market, a financial disaster would be needed for bitcoin price to reach the moon. In an interview with Unchained Podcast on June 23, the billionaire further explains that bitcoin is a kind of disaster insurance against government's bad financial decision, which will lead to catastrophic financial disaster that affect a huge number of people. The billionaire bought one million bitcoin for only $80 in 2010,and the that amount net him billions in pure profit.
 
The CEO of Social Capital and Virgin Galactic Chairman, Chamath Palihapitiya said that since Bitcoin has no correlation with conventional financial market, a financial disaster would be needed for bitcoin price to reach the moon. In an interview with Unchained Podcast on June 23, the billionaire further explains that bitcoin is a kind of disaster insurance against government's bad financial decision, which will lead to catastrophic financial disaster that affect a huge number of people. The billionaire bought one million bitcoin for only $80 in 2010,and the that amount net him billions in pure profit.
Wow this is incredible that he bought one million bitcoin and with the price where is is now he is pretty much set for life as well.

I do agree with what he is saying though. A financial disaster will result in countries turning to crypto therefore improving crypto prices.
 
Yep, he made a good judgement in the earlier days of bitcoin. But his prediction kinda... unnerving to say the least. I wonder if there's some kind of financial disaster when bitcoin price spiked in late 2017.
 
Yep, he made a good judgement in the earlier days of bitcoin. But his prediction kinda... unnerving to say the least. I wonder if there's some kind of financial disaster when bitcoin price spiked in late 2017.
That is a good question... if i am not mistaken wasn't 2017 the year that the financial crisis came to an end instead?
 
That is a good question... if i am not mistaken wasn't 2017 the year that the financial crisis came to an end instead?

Exactly, there's no notable financial crises happened in 2017 as far as I remember it. And while I do agree with the guy's point that bitcoin has no correlation with traditional financial market, I doubt a financial disaster is needed to make bitcoin price jumps again.
 
Exactly, there's no notable financial crises happened in 2017 as far as I remember it. And while I do agree with the guy's point that bitcoin has no correlation with traditional financial market, I doubt a financial disaster is needed to make bitcoin price jumps again.
Maybe in a financial disaster it is expected that countries will look to get out of it through the adoption of crypto or even the creation of their own crypto. I have read quite a few articles where people believe that crypto could be the financial stabilizer that the global economy needs after the impact of the recent corona virus outbreak.
 
Maybe in a financial disaster it is expected that countries will look to get out of it through the adoption of crypto or even the creation of their own crypto. I have read quite a few articles where people believe that crypto could be the financial stabilizer that the global economy needs after the impact of the recent corona virus outbreak.

Yeah, that's the rough plan, though I do hope we can weather this pandemic without too severely destroying the economy. Hoping for bitcoin price jump by sacrificing the economy and make millions people suffer is not a good idea.
 
Yeah, that's the rough plan, though I do hope we can weather this pandemic without too severely destroying the economy. Hoping for bitcoin price jump by sacrificing the economy and make millions people suffer is not a good idea.
Yeah this is true. If the bitcoin price goes up by sacrificing the economy it will only be much more damaging to the crypto industry in the future and there will be a much more serious decline in price later on. A price rise at the expense of the economy will only be a false security that won't last very long.
 
I accept his point(100%) , when there is a disaster people might sell off their asset to cash (to avoid disaster) and convert it to bitcoin then the demand will increase so also with price
 
I accept his point(100%) , when there is a disaster people might sell off their asset to cash (to avoid disaster) and convert it to bitcoin then the demand will increase so also with price
Wouldn't people stay away from investments such as bitcoin when there is a financial disaster because of the risk that is involved with it? would it not make more sense to sell your bitcoin that you have in order to get cash to sustain your daily life rather than look to buy more of the crypto? Just a thought.
 
The billionaire CEO may be giving his opinion base the fact Bitcoin witness huge market capitalization during this pandemic which is not yet a fact that it can only take advantage of disasters because right from 2009 that it has been rising to 2017 where there is huge bull there was no crises nor disaster however, the post pandemic trend of Bitcoin will authenticate his claims or hypothesis.
 
Wouldn't people stay away from investments such as bitcoin when there is a financial disaster because of the risk that is involved with it? would it not make more sense to sell your bitcoin that you have in order to get cash to sustain your daily life rather than look to buy more of the crypto? Just a thought.
most times before a disaster people might not want to lose all their property at all, so they will sell it when they need cash, they withdraw what they sold
 
The billionaire CEO may be giving his opinion base the fact Bitcoin witness huge market capitalization during this pandemic

No, he based his opinion on the fact that traditional financial instruments like stocks, bonds are not correlating with bitcoin price. Both are independent.
 
Sure I know they are independent but Don't you think by this " a financial disaster would be needed for bitcoin price to reach the moon" he meant when the conventional market is in financial crises just like when Investors paused their investment during the early days of pandemic, only then can Bitcoin rise because Investors will alternate to bitcoin investment ?.
 
Sure I know they are independent but Don't you think by this " a financial disaster would be needed for bitcoin price to reach the moon" he meant when the conventional market is in financial crises just like when Investors paused their investment during the early days of pandemic, only then can Bitcoin rise because Investors will alternate to bitcoin investment ?.

Yep, something like that. In time of crisis like this pandemic, a lot of traditional investor who normally invested in conventional investment options withdraw their investments due to economy collapse. But because Crypto has nothing to do with economy, investors can use it as a safe haven.
 
It seems he had the foresight to have invested that much in bitcoin then and see how he made so much money overnight. I have been thinking of keeping my Bitcoin for a long time too. I might be lucky in future
 
It seems he had the foresight to have invested that much in bitcoin then and see how he made so much money overnight. I have been thinking of keeping my Bitcoin for a long time too. I might be lucky in future
It is very possible and he might just risk it, I discovered that people with more money earn more money because they are not afraid to loose nor try new ways of making money .
 
Yep, gotta brave and embrace new tech. Some people are lucky enough when they invested in bitcoin early on, and now they became millionaires or even billionaires.
 
. I have been thinking of keeping my Bitcoin for a long time too. I might be lucky in future
Keeping btc now might be too late for me because i don't know if there might another increase like that one , I think its better to invest in another much smaller coin
 
Keeping btc now might be too late for me because i don't know if there might another increase like that one , I think its better to invest in another much smaller coin
These things are pure risks, if you have less or nothing to do with the money now you can risk keeping it because it could rise if luck is by your side or otherwise, of drops you can. easily trade off.
 

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