In an interview with CNBC, Social Capital CEO Chamath Palihapitiya said that billionaires in the United States should not be bailed out using taxpayers’ money. Instead, they should be allowed to suffer consequences like everyone else. Earlier, the US government announced a $2 trillion stimulus packages to revive financial markets. The US Federal Reserve is also printing money endlessly to help financial markets and bail out companies.
“The US should not bail out billionaires.”
Bitcoin bull, Social Capital CEO said that the US should not bail out billionaires and hedge funds during the global pandemic. Palihapitiya noted that it is not true that when a company fails, it necessarily has to fire all workers. He argued that most bankruptcies end up simply getting reacquired, and the people that really get hurt are those that are the speculators and those who hold the equities—and they should be allowed to get wiped out.
Earlier, when Trump administration proposed a $2 trillion stimulus package last month, democrats opposed the bill saying it favored billionaires of the country and was not adequate. It also did not provide enough relief to the working class and poor people of the country. The CEO is of the opinion that no one in the market deserves any favors from the government.
The U.S. shouldn’t bail out billionaires and hedge funds during the coronavirus pandemic, Social Capital CEO Chamath Palihapitiya says. “Who cares? Let them get wiped out.” https://t.co/dIbizumtqG pic.twitter.com/u8BSVvr0B1
— CNBC (@CNBC) April 9, 2020
Social Capital CEO believes in bitcoin.
Social Capital CEO Chamath Palihapitiya is an early bitcoin investor. He said that he bought a lot of Bitcoin back in 2013 when it was trading for just $80. He claims that at one point, he owned around 5% of all BTC in circulation. Several from the crypto community have claimed that in a time of recession, bitcoin could prove to be a safe haven for investors. However, the leading cryptocurrency is still an extremely speculative investment that will swing even more wildly during this crisis. At the time of writing, bitcoin is trading just above $6,800 mark. The leading cryptocurrency last month plunged to historic lows when it’s price dropped below $4,000 on 12th March.
