Analysts are divided over what comes next for Bitcoin in the near term: there are many who believe that cryptocurrency is extremely over-purchased on technical terms and therefore faces a correction in the near term, while others believe that institutional buying pressure should outweigh any chance of correction. Whatever the case, influential BTC holders have maintained their faith that the coin is expected to rise in the long term.
In an interview with CNBC, Chamath Palihapitiya, a Canadian-American venture capitalist known for purchasing a large amount of Bitcoin supply in 2012 or 2013, recently maintained this belief.’’
Palihapitiya has been one of the largest public supporters of Bitcoin for almost a decade now. In 2012 or 2013, the venture capitalist, who is also the founder of Virgin Galactic and a variety of other firms, became a public cryptocurrency supporter. His investment advocacy has increased this year, as he noted that macroeconomic and geopolitical developments point to the need for a kind of “schmuck insurance,” which he believes is in the form of Bitcoin.
He was asked in the investor’s recent CNBC interview about where he believes Bitcoin, the “rocketship,” will go in the months and years ahead.
The investor said that he expects that $100,000 will move through Bitcoin, then $150,000, then $200,000, and so on in the future. Palihapitiya did not apply a timeline to his forecast, but he said he is sure that with time the cryptocurrency would gravitate to those values. He explained further, It should be apparent with so much uncertainty taking place in this world that “our leaders are not as trustworthy and reliable as they used to be.”
Although he claims all investors should have a bit of Bitcoin, a “bit of schmuck insurance,” a large part of the supply is owned by him. So much so that he joked last week that he was going to buy all the Hamptons and build sleepaway camps for children, working fields, and low-cost housing.