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Venture Capitalist & NBA team owner: “I’ve told my friends that it is entirely rational to allocate one percent of your assets to Bitcoin”

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Chamath Palihapitiya, founder of The Social+Capital Partnership, a co-owner of the Golden State Warriors NBA team and a former Facebook exec, says “I’ve told my friends that it is entirely rational to allocate one percent of your assets to Bitcoin — as I have,” Palihapitiya writes. “Call it schmuck insurance. As the 2008 crisis proved, schmucks can cause a world of damage.”

To Palihapitiya, the schmucks are the Lehman Brothers, Bear Stearns, AIGs, London Whales and other scandal-ridden “masters” of the financial services universe that have caused the near-meltdown of the global economy in 2008.

He compares Bitcoin to the “red pill” offered to the character Neo in the movie “The Matrix” … a pill that basically makes the scales fall from your eyes about how things really work.

[Source](http://www.coindesk.com/vc-recommends-bitcoin-as-schmuck-insurance/)

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“Venture Capitalist & NBA team owner: “I’ve told my friends that it is entirely rational to allocate one percent of your assets to Bitcoin””