Billionaire Optimistic On Bitcoin as a ‘Flight to Safety’

In an interview with Morgan Creek Digital founder, Anthony Pompliano, Chamath Palihapitiya, billionaire CEO of venture capital firm, Social Capital, said that now could be Bitcoin’s time to shine.

“I think Bitcoin needed a moment like this for it to be relevant,” Palihapitiya said. “It’s still a speculative instrument, and it’s too speculative for it to be reliable,” he explained.

Bitcoin is still too turbulent

In his interview with Pompliano, Palihapitiya talked about a bevy of topics pertaining to the current global economy. In terms of replacing USD or other global currencies, Palihapitiya explained Bitcoin is still too volatile.

 “The only market that’s even more important than the debt markets are the currency markets,” he said.

Palihapitiya explained currency markets have a relatively low amount of volatility, moving in value over time. “In that, there’s value because it allows more market participants to be active in that market so that they can use it…