Social Capital’s Chamath Palihapitiya Bets on Bitcoin Hitting $150k

And to “buy The Hamptons and convert it to sleepaway camps for kids, working farms and low-cost housing.”

The chief executive officer at Social Capital, Chamath Palihapitiya, is a Bitcoiner through and through as he has shared with the market multiple times, calling it a “schmuck insurance.”

Now, he is calling for $150k per BTC, which, to be honest, is not that crazy of a target, as per bitcoin market standards.

“When BTC gets to $150k, I will buy The Hamptons and convert it to sleepaway camps for kids, working farms and low-cost housing,” is Palihapitiya’s exact tweet.

This tweet came on the day the world’s largest digital asset hit yet another all-time high above $29,000 in its series of new ATHs in December that had the digital asset rallying over 67% in just 20 days.

“Well then, you have less than 12 months to go; better start planning the logistics,” said on-chain analytics Willy Woo to venture capitalist Palihapitiya, who is also the chairman of Virgin Galactic, a minority stakeholder in Golden State Warriors, and has been an early senior executive at Facebook.

In 2020, Bitcoin has taken over the world with its over 300% gains YTD and emerging as a safe haven asset, a hedge against dollar weakness and the risk of rising inflation.

Ever since central banks started printing money, institutional investors have poured into the cryptocurrency market.

This year, on-chain transactions greater than $100k, acting as a valuable proxy to institutional activity, grew exceptionally, 30x exactly, as per the data provided by IntoTheBlock.

An increasing number of people are also investing in Bitcoin with the number of addresses with a balance in BTC increasing by 16.8%, adding a total of 4.81m new addresses this year.

According to the quant trader and entrepreneur Qiao Wang, the biggest bullish event for Bitcoin has been MassMutual investing millions in BTC because, “Insurance is among the most financially conservative institutions. The only thing even bigger than that would be nation-states buying,” which he says might happen in 2021.

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