Bitcoin (CRYPTO:BTC) is a risky investment, co-founder of Palantir Technologies Inc (NYSE:PLTR) Joe Lonsdale said Monday on CNBC’s “TechCheck.”
Retail investors should not put all of their money into Bitcoin, but it has a really good chance of becoming something big, Lonsdale said.
Bitcoin is a bet against the fact that “we have a centralized financial system run by crazy people at the moment,” he said.
Related Link: Power Transaction: Bitcoin Whales Move Over $6B Worth Of Crypto In A Day
Many people believe that the government should not be in charge of the financial system, Lonsdale noted.
There is a lot of money being thrown around by the Fed in “sloppy” ways, he said, adding that Bitcoin is “a bet that the emperor has no clothes.”
Price Action: Bitcoin is up 85.28% year-to-date.
Bitcoin was up 9.66% at $53,796.80 at last check Monday.
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