It is evident that people who have opinions on Bitcoin may be slightly more knowledgeable about the financial markets in general. Virgin Galactic Chairman and Social Capital CEO Chamath Palihapitiya is one of those individuals.
There are many people who have opinions on the financial markets.
Most of them hardly ever get any prediction right, but that is not entirely abnormal.
Virgin Galactic Chairman Chamath Palihapitiya is certainly an individual worth keeping an eye on.
He predicts that the Bitcoin price will hit $1 million eventually.
That is not the prediction most people are paying attention to, however.
His other prediction is how the price for oil will drop to near zero or even go negative in the coming weeks.
That prediction was made well before the oil futures effectively went below zero this week.
It now seems that that prediction by the Virgin Galactic Chairman will come true sooner rather than later.
It is evident that the global demand for oil is dropping rapidly, primarily due to the coronavirus crisis.
As that situation won’t necessarily improve right away, there is a chance that this downtrend will remain in place for weeks, if not months.
Oil is not a market anyone should invest in given the current circumstances.
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