Recently, the chairman of Virgin Galactic Chamath Palihapitiya said that “everybody should probably have 1% of their assets in Bitcoin,” as it is “an uncorrelated hedge” to the excesses in the financial industry. He did not approve of the strategy to buy Bitcoin only when the equity markets are down. Instead, he said that investors should keep a long-term view on Bitcoin and consider it as “insurance”.
Fundstrat’s Tom Lee said that blockchain and crypto will disrupt the financial industry over the next twenty years. For the short-term, Lee retained his bullish stance on Bitcoin. He said:
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