Virgin Galactic CEO suggests putting some Bitcoin under your mattress
In the times of a crisis, cryptocurrency can become your leverage. It looks like the leaders of billionaire companies such as Virgin Galactic are putting more faith in Bitcoin than ever.
According to Chamath Palihapitiya, who is the chairman of the spaceflight company, it would be wise for everyone to have at least 1% of their assets in Bitcoin as a form of insurance.
The financial industry is tricky and unpredictable, and there can be a lot of risks as it is all correlated, thus Palihapitiya strongly believes that every average individual anywhere in the world should have "an uncorrelated hedge".
The CEO further suggests that taking small investments in Bitcoin as "insurance" is more profitable than to benefit off short term market trends.
“I think a reasonable strategy is to say 1% of my net worth should be in something completely uncorrelated to the world and how the world works. You quietly over some period of time accumulate a position and then just never look at it again and hope that that insurance under the mattress never has to come due. But, if it does, it will protect you.”
Virgin Galactic is known to be one of the most eminent worldwide companies to acquire Bitcoin. The company had first accepted BTC back in November 2013 for their $250,000 spaceflights, and since conducting the first flight in 2018 potential ticket sales have rocketed to $2.39 billion.