A Billionaire’s thoughts on BITCOIN
Many people have made a lot of money on Bitcoin buying a lot of it in the early stages and holding on to it till its All Time High in December 2017. Saying that, there is quite a large number of people that have also lost money on Bitcoin. Whether it was purchasing a little too late or not holding on for long enough, we have seen examples of people not making a significant profit as one expects from investing in Bitcoin. This article however dissects the statements of Billionaire and CEO Chamath Palihapitiya in a recent interview with Unchained Podcast on 23rd June 2020.
The CEO of Social Capital and Chairman of Virgin Galactic calls Bitcoin a backup rather than a main investment against those Governments who can make some bad financial decisions for its people. As Bitcoin is Decentralized and not controlled by the Government in any way, you can be sure that it will not be affected by Legislators performing badly. He continued to say that if Bitcoin were to go over the moon again to reach an All Time High again, it would not be without any consequences on those who were not invested in it and instead chose to put there money somewhere else. “Things would have to go really wrong in the Financial system for the number one valued cryptocurrency for it to Skyrocket now”.
Having himself bought a million Bitcoins for 80$ in 2010, he held on till December 2017 like many others when the value went over the moon. Having claimed that Bitcoin is a great way to get a huge payoff is different than other cryptocurrency investments such as ETH or LTC, we can see why he is a true believer in the power of Bitcoin. He gives his advice to the community on investing saying that everyone looking to invest in something should make their objective to gain a huge profit from a tiny invested amount and not go all in on anything. If going by numbers, then he quoted $1 investment for a $1000 payoff as a good example to follow. Having said that, he states that people should take 1% of their total portfolio and place it in Bitcoin. Who knows, it might give others the same level of success it gave him. Speaking on other financial matters than crypto and their potential, he explained that they are all interlinked with a legislative framework having strong influence on the financial markets so there would always be an authority in charge of that.
Throughout history, we have seen many people getting big profits from investing and we have seen the opposite as well. There is no right or wrong when it comes to forecasting or predicting future value of assets but luck and skill plays a huge part in this. The value of any particular asset is not fixed and is likely to change. Agreeing with this statement, the Billionaire Chamath Palihapitiya quotes that Bitcoin can go into the millions one day or drop down to 0. It is that unpredictable. What is your opinion on this? Have you ever invested in Bitcoin? What are your thoughts on its ever-fluctuating value? Drop us your thoughts and share with us your opinions and we will be sure to feature you!