The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Supporter Palihapitiya Doubles Down in Viral Tweet: No Bailouts, Let Hedge Funds ‘Get Wiped Out’

by Daily Hodl Staff
April 11, 2020
in Futuremash

With over seven million views, 45,000 likes, 16,000 retweets and counting, a viral clip on Twitter shows Chamath Palihapitiya, founder and CEO of venture capital firm Social Capital, denouncing bailouts for billionaires and hedge funds.

The former Facebook executive and Bitcoin investor, who has a net worth of roughly $1 billion and has referred to the leading cryptocurrency as ‘schmuck insurance‘, argues that the US government should support individual Americans directly by giving them larger payments instead of funneling massive emergency funds and stimulus packages to rescue the wealthy.

In a new interview on CNBC’s Fast Money Halftime Report, Palihapitiya, who is also the chairman of Virgin Galactic, says ordinary Americans are the ones being wiped out by the current economic crisis caused by the coronavirus pandemic. But it’s the wealthy CEOs and corporate board members who are on the receiving end of billions in government aid.

“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are.”

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

“When you look at what it means, this is a lie that’s been purported by Wall Street. When a company fails, it does not fire their employees. It goes through a packaged bankruptcy. If anything, what happens is the people who have the pensions inside those companies, the employees of these companies, end up owning more of the company.

The people that get wiped out are the speculators that own the unsecured tranches of debt or the folks that own the equity.

And by the way, those are the rules of the game. That’s right. Because these are the people that purport to be the most sophisticated investors in the world. They deserve to get wiped out.”

Amidst the Fed’s efforts to pump a whopping $2.3 trillion into the economy via loans to embattled companies, Palihapitiya says the primary beneficiaries will include hedge funds that will not entirely feel the full ripple effect of the crisis.

“We’re talking about a hedge fund that serves a bunch of billionaire family offices. Who cares? Let them get wiped out. Who cares? They don’t get the summer in the Hamptons? Who cares?”

Palihapitiya also underscored the soaring number of unemployment claims in the US this week, adding another 6 million to reach an estimated total of nearly 17 million people who filed for benefits since the start of the pandemic-induced economic fallout. They join workers all around the world who have lost their jobs as more than 80% of the global workforce copes with adjustments due to business closures, according to the International Labor Organization.

Palihapitiya argues that it makes sense to let airlines fail since they’re underperforming. He adds,

“What we’ve done is disproportionately prop up poor performing CEOs and boards, and you have to wash these people out.”

The venture capitalist said in a previous interview with CNBC host Scott Wapner that the government needs to get it right this time and stop the bailouts.

“You can’t just bail folks out financially for being financially greedy. It’s unfair. And what we did in 2008 was incomplete. All we did was ship risk off balance sheet…This time around you have to pin these guys down.”

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ianmitchinson

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,008.16
$23,008.16
0.29%
Ethereum
$1,567.96
$1,567.96
1.7%
Cardano
$0.381665
$0.381665
1.42%
XRP
$0.409232
$0.409232
0.73%
Dogecoin
$0.087741
$0.087741
0.47%

Spotlight

  • Miami Mayor Is Still Receiving Bitcoin Paychecks, Says His Salary ‘Is Actually Up’ Despite Ongoing Crypto Winter
    January 21, 2023
  • Largest Crypto Hedge Fund in the World Says DeFi Will Drive the Next Crypto Bull Market
    January 24, 2023
  • Billionaire Dogecoin Advocate Elon Musk Doubles Down on Offer To Eat Happy Meal on TV if McDonald’s Accepts DOGE
    January 27, 2023
  • Crypto Strategist Who Nailed 2023 Bitcoin Rally Says Real BTC Move Is Yet To Come – Here Are His Targets
    January 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl