Palihapitiya was speaking on CNBC’s Squawk Box where he said Bitcoin makes a ‘fantastic hedge.’ It is perfect since all other financial instruments are correlated while the cryptocurrency is wholly uncorrelated. He commented: But, the billionaire rejects the notion that economic woes arising from the coronavirus outbreak will result into a major bull trend for the crypto markets. In that context he stated: He believes that it is important to have an investment strategy to succeed while investing in the crypto and money markets.
Become a Bitcoin Hodler
This week, the ‘Bitcoin is a safe haven’ narrative has taken a thorough beating with BTC losing almost 13% in the past 48 hours. It appears like Bitcoin is following the trend set by the stock markets due to fears over the effect of the coronavirus. On the other hand, gold is doing well taking up its traditional role as a financial haven. It has gained significantly in recent weeks currently trading for $1,648.82 per ounce. Amidst all the market turmoil and economic inconsistency, Palihapitiya suggests that investors should place some amount of their money into Bitcoin as ‘insurance’. He commented: Palihapitiya has been a Bitcoin proponent for many years with Virgin Atlantic becoming one of the major brands to accept Bitcoin in 2013.
