TL;DR: Former early Facebook executive turned Bitcoiner and venture capitalist, Chamath Palihapitiya, recently appeared on the CNBC program, Fast Money Halftime Report. Palihapitiya told the host it was unwise for governments to financially assist wealthy investors in answer to coronavirus’ economic impact, insisting it is more important to let Wall Streeters such as hedge funds completely wipe out.

Bitcoiner Shocks CNBC: Let Hedge Fund Billionaires Get Wiped Out

“On Main Street today, people are getting wiped out. Right now, rich CEOs are not, boards that have horrible governance are not. People are,” Palihapitiya snapped at the CNBC host. “What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out,” he stressed.

Chamath Palihapitiya is best known as a venture capitalist these days, CEO of Social Capital and the Chairman at Virgin Galactic, himself a billionaire. He’s made news of late about the price of BTC, predicting as much as seven figures during a podcast interview.

Still, debate rages about bailouts or aid to those impacted by coronavirus in the United States especially. Government financial intervention is of a different flavor this time, as opposed to 2008 for example, due to the fact it has shut down most businesses rather than their failing naturally. Companies can hardly be blamed for poor balance sheets when they’re prevented from operating.

Palihapitiya was unmoved. “Just to be clear on who we are talking about. We’re talking about a hedge fund that serves a bunch of billionaire family offices, who cares? They don’t get the summer in the Hamptons?” he told CNBC. “These are the people that purport to be the most sophisticated investors in the world.” He went on to clarify his remarks, noting, “I’m not disagreeing with what the Fed has to do. What I’m saying is it’s creating a land mine, and it’s creating a bill that will have to come due,” he said. “It would be better for the Fed to have given half a million to every man, woman and child in the United States,” Palihapitiya insisted.

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