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Virgin Galactic Chairman Chamath Palihapitiya, the investing legend who bought 1,000,000 Bitcoin in 2013 for just $80 per BTC reveals his strategy for catching the next big trade, predicting that the Bitcoin price could reach a million dollars.
He further suggested that everybody should have 1% of their assets in BTC since it is “a fantastic hedge.”
“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 which 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.”