Chamath Palihapitiya, CEO of VC firm Social Capital, has proposed that bitcoin is the single best hedge against the traditional financial system.
"It [bitcoin] is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn't matter: this is the shmuck insurance under your mattress."
"Bitcoin was probably trading at around $9,000 when I realized that distributed ledgers probably imbue more inherent value on something than a government does," one remarked.
As reported earlier this week, bitcoin's bullish breakthrough past the $13,000 mark - as of press time - comes hot on the heels of bleak news for the traditional banking world.
Deutsche Bank revealed plans to axe an expected ~18,000 jobs and carry out a 40% reduction of the risk-weighted assets currently allocated to its trading operations, sparking commentators to observe that DB remains "Built for the old world" - unlike cryptocurrencies.
Bitcoin 'Single Best Hedge' Against Traditional Financial System, Says VC
gepubliceerd op Jul 10, 2019
by Cointele | gepubliceerd op Coinage
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