Bitcoin: The Best ‘Schmuck Insurance” for Investors

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Social Capital CEO and early Bitcoin investor Chamath Palihapitiya recently said investors should “just buy Bitcoin” and enjoy the gains later. Just Buy the Dip! Recently on CNBC Squawk Box, Social Capital CEO Chamath Palihapitiya said that in his opinion, Bitcoin is “the single best hedge against the traditional financial infrastructure.” The Silicon Valley venture capitalist and former Facebook executive was an early Bitcoin investor who began purchasing the digital asset when it traded for $100. Palihapitiya said investors should “just buy the coins” and argued that “whether you support the fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress.” According to Palihapitiya, in 2013 he and a few of his Silicon Valley friends once owned nearly 5% of the entire Bitcoin float and Palihapitiya believes that Bitcoin will be worth at least $1 million in 20 years. To date,…

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