Your favorite crypto news blog

Uber, Twitter Angel Investor Explains Why Bitcoin Is So Important

Bitcoin 2020/10/17 09:51 by Nick Chong

Bitcoin has undergone strong volatility this year as the pandemic has rocked markets. While this volatility has turned many off to this space, some say that the ongoing macroeconomic and geopolitical trends make Bitcoin more important than ever before.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Is So Important In Current Macro Environment

Naval Ravikant, an angel investor to companies like Uber, Twitter, and Notion, recently touched on this in an interview with Tim Ferris. Ferris is a host of a famous podcast where business and self-betterment is discussed.

Ravikant explained that this year, something monumental happened in American politics:

“Probably the scariest thing that happened in 2020, from a financial perspective, is both the Republican and the Democratic party figured out that, ‘Oh, actually we can just print lots and lots of money. when we print a dollar, 70 percent of that inflationary attack effect cost is borne by the rest of the world, not born by us. And so the US government’s figured this out.”

Bitcoin comes in here in that the coin is a deflationary asset that is a hedge against inflationary risks.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Far From the Only Bull

Ravikant is far from the only bull when considering the current macroeconomic trends and their potential effect on a network like Bitcoin.

Former head of hedge fund sales at Goldman Sachs, Raoul Pal, said that Bitcoin is extremely valuable in this macro environment where deflation will be staved off with any inflation needed:

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”

Chamath Palihapitiya, CEO of Social Capital and one of the earliest Facebook executives, also said that he thinks that Bitcoin is absolutely crucial to own at this point in time. He says that the coin could hit $1,000,000 in this market cycle if the macro trends align well.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Uber, Twitter Angel Investor Explains Why Bitcoin Is So Important

0 Like(s)

You should also read...

Bitcoin 02/06/20 12:59 by Yashu Gola
Analysts Eye $20,000 Bitcoin as Price Breaks Major Resistance
Bitcoin leaped over $10,000 in Monday trade as a weakening dollar sentiment sent risky assets higher. The cryptocurrency corrected lower in the early morning Tuesday but signaled strength amid an opti...
Read More
Bitcoin 26/08/20 13:00 by Yashu Gola
Two Possible Outcomes for Bitcoin After Powell’s Jackson Hole Speech
Bitcoin logged a modest recovery on Wednesday as traders grappled with the outcome of Jerome Powell’s keynote address at the virtual Jackson Hole Symposium tomorrow. The Federal Reserve chairma...
Read More
Bitcoin 28/08/20 04:00 by Cole Petersen
Bitcoin Investors “Fade the Fed” as BTC Pumps and Dumps Following Powell Speech
Bitcoin saw some immense turbulence earlier today that came about due to news regarding the Federal Reserve’s intention to anchor interest rates near zero while they allow inflation to run high in t...
Read More
Bitcoin 05/09/20 06:40 by Nick Chong
This Simple Chart Shows Why Bitcoin Remains Bullish on a Macro Scale
Bitcoin has sustained a strong drop over the past few days as legacy markets have undergone a strong correction after a record rally. The leading cryptocurrency traded around $9,800 on Friday morning ...
Read More
Bitcoin 04/10/20 05:00 by Nick Chong
Gold Is Poised to Retake a Crucial Support—and That’s Bullish for Bitcoin
Bitcoin has seen muted price action over the past few days after plunging from the $10,900 weekly highs as a result of negative new regarding BitMEX. Gold may soon be primed to retake a crucial suppor...
Read More