Venture capitalist thinks Bitcoin is the best hedge against traditional financial risks

Chamat Palihapitia, CEO of Social Capital venture capital firm, believes that Bitcoin is the best hedge against the risks of the traditional financial system.

During a panel discussion on CNBC on July 9, Palihapitia revealed his point of view on cryptocurrencies: "Bitcoin is the best hedge against traditional financial infrastructure. It doesn't matter if you support fiscal or monetary policies, Bitcoin will remain a cheat sheet under your mattress.

Commenting on the Palihapitia's statement, the panellists noted that the significance of the cryptocurrency and the underlying technology is indeed often overlooked.

"Bitcoin was trading maybe about $9,000 when I realized that distributed registries could have more intrinsic value than anything released by the state," one of them said.

Palihapitia acquired its first Bitcoin a few years ago, when its course was about $100. He believes that people should pay attention to the cryptocurrency against the background of aggravation of economic contradictions in the world.

"Just buy the coins. This is a fantastic tool," said the CEO of Social Capital.