Virgin Galactic chairman and founder of investment company Social Capital, Chamath Palihapitiya, opposed Warren Buffett’s negative views on Bitcoin. Moreover, he noted that everyone should allocate a portion of their investment portfolio in the largest digital asset.
Palihapitiya, who is also an early investor in Facebook, recently appeared in CNBC’s Squawk Box. While speaking about the coronavirus’s effect on the traditional markets, he also mentioned Bitcoin’s involvement in the scene.
Palihapitiya believes that the largest cryptocurrency is entirely uncorrelated with any other financial asset. As such, people should invest some portion in it.
However, he thinks that buying large portions of BTC when the financial markets are plummeting is an “idiotic strategy.” Instead, people should do it gradually over time.
Earlier this week, Mr Buffet stated that all digital assets including Bitcoin had no value. Palihapitiya, however, strongly disagreed with Mr Buffett’s opinion on the matter.