Venture capitalist Chamath Palihapitiya, a self-proclaimed “disciple” of billionaire Warren Buffett, says bitcoin is the best financial hedge against an uncertain world economy. And unlike his anti-crypto mentor Buffett, Palihapitiya thinks you should buy some bitcoin to protect yourself.
Palihapitiya first bought the original cryptocurrency several years ago when its price hovered at $100. In 2013, he and his Silicon Valley tech pals once owned 5% of the entire float of bitcoin. Basically, Palihapitiya says you should invest in bitcoin in light of today’s uncertain economic outlook.
Palihapitiya, a former senior executive at Facebook, is the founder and CEO of Social Capital, a private equity fund based in California. Palihapitiya joins a growing chorus of crypto evangelists who say that despite bitcoin’s volatility, it’s not a bad idea to cover yourself by investing a little in it.