Bitcoin Has Shot Up A Whopping 92525% Since Chamath Palihapitiya Called It ‘Schmuck Insurance’
Posted On July 28, 2025
Venture capitalist and ‘SPAC King’ Chamath Palihapitiya is taking a victory lap after Bitcoin (CRYPTO: BTC) hit a new all-time high earlier in July, with a few corrections. In a new X post, the Social Capital founder said, “13 years ago,” he urged everyone to put 1% of their net worth into Bitcoin, recalling a price “around $80.”
What Happened: That call traces to his Bloomberg op‑ed titled ‘Why I Invested In Bitcoin’, published May 30, 2013, not 13 years ago, where he argued it was “entirely rational” to allocate 1% and branded Bitcoin “schmuck insurance.”
About The Author
