Billionaire and CEO of spaceflight company Virgin Galactic, Hamat Palihapitiya, believes thatEach investor’s portfolio should be bitcoin, at least 1%.
Speaking on CNBC's Squawk Box, Palihapitiya emphasized that Bitcoin provides an excellent opportunity to hedge risks, since other financial instruments are correlated with each other.
“When you see the amount of funds in financialindustry and think about all the external factors that cannot be predicted and that can lead to a fall in financial markets, is really an ideal option for a citizen of any country to keep an asset in their portfolio that is not correlated with others, ”said Virgin Galactic CEO.
Palihapitiya does not think that the coronavirus epidemic could be a catalyst for the growth of cryptocurrency markets, although bitcoin often does act as a protective asset, along with gold.
“I think that a reasonable strategy will be to keep,for example, 1% of my fortune is in something that does not correlate with other world assets. Just gradually accumulate this position and do not even look in its direction. It will act as insurance, which I hope will never be needed, ”concluded Hamat Palihapitiya.
It was recently reported that Bitcoin enthusiast Tim Draper sold some of his shares last year in order to invest in Bitcoin.
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