Bitcoin’s (BTC) price has risen dramatically over the past days and weeks, recently wheeling past $40,000. An asset largely untied to governmental authority, Bitcoin is a hedge against global uncertainty, according to venture capitalist and billionaire Chamath Palihapitiya.
Citing a possible five or 10-year time horizon, Palihapitiya said he thinks Bitcoin will likely reach $200,000 at some point. “The reason is because, everytime you see all of this stuff happening, it just reminds you that wow our leaders are not as trustworthy and reliable as they used to be,” he told CNBC in an interview on Thursday. He added:
“So just in case, we really do need to have some kind of, you know, insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.”
Since the pandemic gripped the world in 2020, governments around the world have taken various measures to combat its economic impact. The United States in particular has