Let billionaires and hedge funds “wiped out,” says Bitcoin Bull – BeInCrypto

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The CEO of Social Capital recently told CNBC that America’s richest people should not get a bailout from taxpayers. Instead, they should suffer the consequences like everyone else.

The US stimulus bill passed last month promised to be a striking “balance” between support from Americans, small businesses and businesses. However, the Fed’s relentless monetary impression tells a different story: that of stimulating financial markets and supporting big business seems to be its top priority.

The danger of prioritizing larger companies is that Americans will have little or no purchasing power. This will obviously only worsen the economic blow. This was the case of the CEO of Social Capital, Chamath Palihapitiya, recently made on CNBC in strong language.

Federal Reserve Bank

“Let them fade away”

Social Capital CEO Chamath Palihapitiya recently published on CNBC and argued that the excessive concern over how wealthy businesses and Americans will fare during this crisis is wrong.

” We do not care? May they be wiped out? ” he said.

The comment went viral recently and the Americans seemed to agree.

Palihapitiya said there was “a lie perpetuated by Wall Street” that when a business fails, it necessarily fires all its employees. In fact, as Palihapitiya contends, most bankruptcies end up being simply redeemed. People who really hurt those who are the speculators and those who own the stocks – and they should be allowed to disappear.

So, in Palihapitiya’s words, these people and entities deserve no support; They’re not the ones holding the economy together, and it’s the market they chose when they decided to be just investors.

Also a Bitcoin bull

Palihapitiya’s opinions are intrinsically linked to the strong belief that no one in the market deserves favors. So it turns out that he firmly believes in Bitcoin.

The CEO of Social Capital said he bought a lot of Bitcoin in 2013 when he traded for only $ 80. It claims to hold around 5% of all BTC in circulation at any given time.

Because the financial system looks weaker than ever, Bitcoin could become a safe haven, but it all depends on which path the company chooses. For this reason, Palihapitiya maintains that “it is zero or it is millions”. [Forbes]

However, he did not suggest that Bitcoin would immediately fare well if this economic crisis worsens. In fact, it is still an extremely speculative investment that will swing even more wildly during this crisis. However, if Palihapitiya is correct, there is a potential for light at the end of the tunnel.


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As a leading organization in blockchain and fintech news, BeInCrypto always strives to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That said, we always encourage and urge readers to do their own research on any statement made in this article.
This article is intended to be news or presented for informational purposes only. The subject of the article and the information provided can potentially have an impact on the value of a digital asset or cryptocurrency, but is never intended to do so. Likewise, the content of the article and the information provided are not intended to, and do not present, enough information to make a financial decision or an investment. This article is not expressly intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article has not been prepared by a licensed financial professional. All readers should always conduct their own due diligence with a licensed financial professional before making any investment decisions.
The author of this article may, at the time of writing, hold any amount of Bitcoin, cryptocurrency, other digital currencies, or financial instruments – including, but not limited to limit, those that appear in the content of this article.



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