Billionaire investor Chamath Palihapitiya says bitcoin will surge to $200,000 as more investors realize they need an ‘uncorrelated hedge’ against untrustworthy national leaders

Billionaire investor Chamath Palihapitiya says bitcoin will surge to $200,000 as more investors realize they need an ‘uncorrelated hedge’ against untrustworthy national leaders

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Billionaire investor Chamath Palihapitiya told CNBC on Thursday bitcoin's price could soar to $200,000 in as soon as five years as the "fabric of society is frayed" and investors realize they need an uncorrelated hedge in their portfolios."Every time you see all of this stuff happening it just reminds you that wow, our leaders are not as trustworthy and reliable as they used to be," Palihapitiya said. "And so just in case,  we really do need to have some kind of insurance we can keep under our pillow that gives us some access to an uncorrelated hedge."Bitcoin hit a new all-time high of more than $41,000 on Friday morning. Palihapitiya has preached about bitcoin since he began investing in it in 2012, a few years after the coin's inception. In 2017, he said that bitcoin's price could reach $1 million before 2037. Watch bitcoin trade live here.

Billionaire investor Chamath Palihapitiya told CNBC on Thursday bitcoin could soar to $200,000. The Social Capital CEO said he doesn't know exactly when bitcoin will reach this price, but "it's going there," and could happen in five or ten years. 

His comments come as bitcoin roars past new records. Bitcoin hit a new all-time