Chamath Palihapitiya, CEO of VC firm Social Capital, has proposed that bitcoin (BTC) is the single best hedge against the traditional financial system.
“It [bitcoin] is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn’t matter: this is the shmuck insurance under your mattress.”
In response to Chamath’s remarks, his CNBC hosts admitted to having lagged behind in recognizing the significance of cryptocurrencies and their underlying technology:
“Bitcoin was probably trading at around $9,000 when I realized that distributed ledgers probably imbue more inherent value on something than a government does,” one remarked.