rose above $18,000 on Wednesday to its highest level in three years as institutions and investors around the world continued to pile into the cryptocurrency. While some investing legends like Chamath Palihapitiya have been outspoken bulls since the coin's inception, others have raised their doubts.Chamath Palihapitiyain February that"everyone" should have 1% of their assets in Bitcoin because it's a"fantastic hedge.
"It would be great that an average individual citizen of any country of the world has an uncorrelated hedge... Every financial instrument is correlated, except Bitcoin, the Social Capital CEO said. Palihapitiya frequently tweets"HODL," a slang term within the cryptocurrency community that refers to holding the coin rather than selling. For example, on Sept.
The head of Duquesne Family Office expects inflation to rise in the next five years and said owning bitcoin will be a good hedge against inflationary pressure. The billionaire investor added that he owns a"tiny bit" of the coin. and sees a number of reasons why the coin can't serve as a reliable currency.
Dalio said bitcoin isn't a"very good as a store-hold of wealth" because its volatility is so high. He added that he doubts central banks, institutional investors, businesses, or multinational corporations would ever buy large amounts of bitcoin to hold as a reserve asset. However the Bridgewater Associates founder admitted to his twitter followers he's open to being corrected if he's"wrong about these things.
Feels like another pump and dump