Palantir Co-Founder Joe Lonsdale Says Bitcoin Is 'A Bet That The Emperor Has No Clothes'
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.
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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