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Bitcoin’s Price Could Reach $1 Million

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Virgin Galactic’s Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some

Chamath Palihapitiya, the chairman of Virgin Galactic and founder of investment firm Social Capital, recently discussed bitcoin and how to invest during the current financial crisis. In a podcast interview published last week with Morgan Creek Digital co-founder Anthony Pompliano, Palihapitiya was asked about his bitcoin investment strategy. Responding to questions about whether he had bought, sold or changed the bitcoin allocation in his portfolio in any way, the venture capitalist revealed:

In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.

“Most of my bitcoin now sits with a company and they use it for trading purposes. They use it to run a bunch of other strategies,” he added. “I did that mostly for safety and security and peace of mind. I didn’t want to deal with it. I wanted to own equity in the business. That equity can be hedged. That equity can be tax structured advantageously, and then it allows them to run a big business that generates cash, and I can get a cash and dividend stream.” He proceeded to confirm, “so I have not bought since I initially basically wrote that article for Bloomberg in 2013.”

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