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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
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Uber, Twitter Angel Investor Explains Why Bitcoin Is So Important

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