From Chamath Palihapitiya to Ray Dalio, Here’s What 7 Bitcoin Investment Titans Think As They Fly To New Heights | Currency News | Financial and business news
Bitcoin rose nearly 150% in 2020 and climbed above the $ 18,000 mark on Wednesday for the first time in three years.
Billionaire investor Chamath Palihapitiya said in 2017 that the coin could reach $ 1 million over the next 20 years, while Michael Novogratz sees the coin rise to $ 60,000 over the next twelve months.
Meanwhile, so-called Bond King Jeffrey Gundlach said “I don’t believe in bitcoin. I think it’s a lie.”
Below is detailed what seven investment titans think about bitcoin as it rises to new heights.
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Bitcoin rose above $ 18,000 on Wednesday to its highest level in three years as institutions and investors around the world continued to accumulate in the cryptocurrency. While some investment legends like Chamath Palihapitiya have been outspoken bulls since the coin’s inception, others have raised their doubts.
Below is detailed what seven investment titans have said about bitcoin in the past:
Chamath Palihapitiya
Venture capitalist billionaire Chamath Palihapitiya told CNBC in February that “everyone” should have 1% of their assets in Bitcoin because that is “fantastic hedge”.
“It would be great for an average single citizen of any country in the world to have unrelated coverage … Every financial instrument is related, except Bitcoin,” said the CEO of Social Capital.
Palihapitiya often tweets “HODL,” a slang term within the cryptocurrency community that refers to owning the coin rather than selling it. For example, on September 22nd he tweeted, “I’ve made some great bets before, but nothing compares to my bitcoin bet in 2012 … PS, HODL.”
In 2017, he told CNBC that bitcoin will be worth a million dollars by 2037.
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Stanley Printmiller
“I’m a bit of a dinosaur, but I’ve come to realize that bitcoin could be an asset class that has a lot of attraction as a store of value,” Stanley Druckenmiller told CNBC on Nov.9. The Duquesne Family Office head predicts inflation will rise over the next five years and said owning bitcoin will be a good hedge against inflationary pressure. The billionaire investor added that he owns a “small part” of the coin.
Ray Dalio
The founder of the world’s largest hedge fund tweeted Tuesday that “something may be missing on bitcoin” and sees a number of reasons why the coin cannot serve as a reliable currency.
Dalio said bitcoin is not “a great store of wealth” because its volatility is so high. He added that he doubts that central banks, institutional investors, corporations or multinationals will ever purchase large amounts of bitcoin to hold as a reserve asset. However, the founder of Bridgewater Associates admitted to his Twitter followers that he is ready to be corrected if “he’s wrong about these things”.
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Bill Miller
“It has been very volatile, but I think right now its stamina is improving every day. I think the risks of bitcoin going to zero are much lower than they have ever been before,” the founder said. Miller Value Partners in a CNBC Interview on November 6.
The investment legend also pointed out that Bitcoin has been the “best performing single asset class” over the past year, five and ten year periods.
Paul Tudor Jones
Hedge fund billionaire Paul Tudor Jones called bitcoin “the best inflation exchange” in an October 22 interview with CNBC.
“Bitcoin has this huge contingency of really, really smart, sophisticated people who believe it,” Jones said. “It’s like investing with Steve Jobs and Apple and investing in Google soon.”
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Jeffrey Gundlach
In an interview with RealVision on October 1, billionaire “Bond King” Jeffrey Gundlach expressed his doubts about bitcoin. “I don’t believe in bitcoin. I think it’s a lie. I think it’s very traceable, traceable. I don’t think it’s anonymous.” Gundlach later added that he was “not a bitcoin hater at all.”
Mike Novogratz
Outspoken bitcoin bull Mike Novogratz told CNBC on Wednesday that bitcoin had “hit escape speed” and could rise to $ 60,000 by the end of 2021 as more institutional investors adopt the cryptocurrency.
“People are going to bitcoin because there are 20 million bitcoins that will ever be mined, there is a complete scarcity of it. People believe it’s a store of value. It’s a social construct and you can’t change it,” Novogratz said. .
Monday him tweeted, “Many friends ask me if they missed the cryptocurrency rally. [For whoever is wondering], I bought more $ BTC is $ ETH Last night. #bullish. “
Galaxy Digital’s CEO said in July that 20% of his net worth is in bitcoin.
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