- Social Capital CEO Chamath Palihapitiya recently appeared in a news channel to voice about the disconnection between a suffering economy and a cheering stock and bond market.
- The CEO notified that the central bank’s move does not solve the income disparity and unemployment issues.
- However, Palihapitiya praised the Fed’s move to save the US economy amid the COVIV-19 pandemic.
Social Capital CEO Chamath Palihapitiya recently appeared in a CNBC channel to voice about the disconnection between a suffering economy and a cheering stock and bond market and suggested to buy bitcoin.
“We have completely divorced the economy from the stock and the bond markets,” Social Capital CEO Chamath Palihapitiya says. “The Fed has been the principal agent of that obfuscation.” https://t.co/5jHjdz1V1L pic.twitter.com/Mq9uztM0V1
— CNBC (@CNBC) May 12, 2020
The CEO criticized the US Federal Reserve
Palihapitiya stated that people have completely separated the economy from stock and bond markets. To which the Fed is the key agent of that obfuscation.
Furthermore, the billionaire investor criticized the current stimulus package launched by the US Federal Reserve. According to him, the package must be transferred to taxpayers and consumers who will then spend the money and support to regain the economy from the bottom up.
The CEO notified that the central bank’s move does not solve the income disparity and unemployment issues. Rather, it allowed a few entities to operate the financial markets in order to gain more money.
Bitcoin is uncorrelated to other traditional assets
Palihapitiya praised the Fed’s move to save the US economy amid the COVID-19 pandemic. He also, warned that the Fed’s policies are going to accelerate deflationary supercycle.
Further, when he was questionedabout where the investors should invest their money in deflationary supercycle. The venture capitalist propounded to invest in Bitcoin. As per him, cryptocurrency is not correlated with any other traditional assets.
He notified that he is looking to invest in bitcoin. As he finds in a massive deflationary cycle bitcoin is the only investment that is uncorrelated to anything.
Citing the founder & CEO of a $22 billion hedge fund Paul Tudor Jones, Palihapitiya is moving towards a similar approach. On Monday, Jones notified that he is holding 1-2 percent of his net portfolio in Bitcoin.
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