Just a few days after Wall Street legend and billionaire Hedge Fund Manager Paul Tudor Jones told CNBC viewers that he was going long on Bitcoin, another billionaire explained on the same channel why he is hedging with Bitcoin.
Just days later, billionaire Venture Capitalist Chamath Palihapitiya was on the same show and expressed his interest in Bitcoin, praising its lack of correlation with traditional assets.
Palihapitiya, a self-made billionaire who was born into poverty in Sri Lanka, has a history of successful early investments and his Social Capital VC invests heavily in social projects.
Speaking on CNBC, he was quick to point the finger at the Fed’s monetary policy of inflating the markets before helping the taxpayers. A move that has completely disconnected the markets with the real economy.
“We have completely divorced the economy from the stock and the bond markets,” says Palihapitiya. “The Fed has been the principal agent of that obfuscation.”