The entire world is currently facing economic uncertainties following the ongoing trade wars, the most prominent one being between the United States and China. Investors are therefore seeking alternative assets to gold and the US bonds and bitcoin is gaining traction due to its capacity to maintain a fierce rally amid the harsh economic times.

This year, bitcoin has maintained an impressive momentum and is already up by more than 220% from 2018’s lows. A further pump was attributed to Facebook announcing the launch of its cryptocurrency Libra. This continued upswing has attracted the attention of many investors as bitcoin is slowly but surely becoming a safe haven. 

2019 has been a rough year for the global economy. The $13 trillion negatively-yielding debt and trade wars have only made it worse. Nonetheless, Bitcoin has so far been flourishing and has secured its position as a go-to hedge option against the Swiss franc, Gold and Japanese Yen.

During a conversation on CNBC’s Squawk Box, Chamath Palihapitiya, a venture capitalist and the CEO of Social Capital affirmed that saying bitcoin is “the single best hedge against the traditional financial infrastructure.”

The host of CNBC’s Squawk Box, Joe Kernen admits that he didn’t support bitcoin before but has since changed his tune and sees the viability of bitcoin as a lucrative investment alternative. Joe also said that he’s of the opinion that the distributed ledgers, like the one that bitcoin is hinged to, “probably imbues more inherent value on something than a government does.” 

Bitcoin Is The Schmuck Insurance You Have Under Your Mattress, Wait, What?

Oftentimes, some people prefer keeping their money under the mattress where they believe their hard-earned fortune is away from prying eyes. In case of moguls, bitcoin is the safety net, as Chamath terms it, “schmuck insurance you have under your bed.” He remarked,” Whether you support the fiscal and monetary policy of not, it doesn’t matter. This is the schmuck insurance you have under your mattress.”

Presently, bitcoin’s technical indicators show that a move higher could be ahead. At press time, this ‘king coin’ is trading at $12,947 based on data from Cryptocompare. It could hit a new all-time high in the near-term with more institutional investors continuing to flock the market. In the meantime, it remains uber-bullish and therefore a viable global economic hedge.

The post Billionaire Chamath Palihapitiya says Bitcoin Is The ‘best hedge against the traditional financial system’ appeared first on ZyCrypto.

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