Venture capitalist Camath Palihapitiya went on CNBC earlier this morning talking about his investment in Virgin Galactic’s space startup, and naturally the conversation steered to bitcoin. The conversation started when Joe Kernen asked Camath if customers can use bitcoin to buy tickets for Virgin Galactic space travel, then Camath went on to pump up Bitcoin as he usually does when he goes on CNBC. He called investments in bitcoin as a great hedge against the traditional financial infrastructure.
Check out clip from CNBC below, we’re also including the transcript in case you can’t see the video. All rights belong to CNBC and please refer all credits to CNBC.
Joe Kernen: and I can use Bitcoin to buy my ticket.
Chamath Palihapitiya: Yes, you can.
Joe Kernen:I don’t need quite as many now at $12,500 and look at it just now.
Michael Santoli: twenty of them (referring to the price of Virgin Galactic ticket of $250,000, which would be about 20 bitcoins at today’s price)
Joe Kernen: But were you surprised at the speed of… Would you be surprised how many times from four thousand ….I recently became more in tune with how it works. So And I was actually down in about nine thousand when I… when I realized that distributed ledgers probably more inherent value on on something they think government.
Chamath Palihapitiya: We’ve had this conversation for a five year.
Joe Kernen: Well I didn’t listen to you back then.
Chamath Palihapitiya: I’ll say the same thing I said six years ago when it was at eighty bucks a coin, which is… It is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn’t matter. This is the schmuck insurance you have under your mattress.
Joe Kernen: I’m looking at it now at a point where, if anything actually has in here value that distributed ledgers and decentralisation and peer to peer and no double payment that that’s worth more than the current things that we use right now you’re just using it as default. Do you see what I’m saying?
Chamath Palihapitiya: You may end up being a spokesman for, like, some IBM commercial with that. Maybe true, just by the coins. I mean, it’s a fantastic instrument, just in case, Just in case all these geniuses may not turn out to be geniuses.
Melissa Lee: Think that was an insult, Joe,
Joe Kernen: I think it was
Chamath Palihapitiya: I think you’re… No, I really like you. No, I really I really think you… don’t Don’t be scared.
Joe Kernen: You’re one of my favourite people to0.
Chamath Palihapitiya: thank you.