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Palihapitiya says money in savings will be 'rocket fuel' for assets like housing and stocks
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STOCK MARKET NEWS:
Palihapitiya says money in savings will be ‘rocket fuel’ for assets like housing and stocks

Chamath Palihapitiya speaking at the 2017 Delivering Alpha conference in New York City on Sept. 12, 2017.

David A. Grogan | CNBC

Customers have actually been sitting in your home for months and months, and without normal things to invest money on, assets in checking account are growing. Which is a favorable indication for stocks, according to Social Capital CEO Chamath Palihapitiya.

He stated the mix of customers’ savings and money in money markets leaping to an all-time high will serve as “rocket fuel” for assets.

“Whether those are housing markets, or whether those are capital purchases like cars or vacations, or stocks in this case — if we’re still under a lockdown, these things are just going to go to the moon for awhile,” he stated Thursday on CNBC’s “Halftime Report.”

“You just have to be long. Everybody who’s trying to understand why you shouldn’t be long is, I think, going to regret it for at least the next 18 to 24 months.”

His remarks came as the significant averages skyrocketed to brand-new all-time highs on Thursday, after likewise bearing down Wednesday, in spite of the chaos in Washington. Financiers are hoping that a Democratic-controlled Congress will result in more stimulus payments for customers.

Palihapitiya stated that with stocks at record highs, financiers should not simply dispose the names that have actually worked. His remarks were particularly associated to his position in Tesla.

In spite of the stock’s 750% gain over the in 2015, Palihapitiya stated he thinks shares can double or perhaps triple.

“I don’t understand why people are so focused on selling things that work,” he stated. “When things are working, you’re paid to stay with people that know what they’re doing. This is a guy [Elon Musk] who has consistently been one of the most important entrepreneurs in the world. And so why bet against him,” he stated.

Palihapitiya likewise weighed in on the record run in bitcoin as the cryptocurrency topped $40,000 for the very first time on Thursday.

“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya informed CNBC. “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”

On Thursday, online financing start-up SoFi revealed that it will go public by combining with a blank-check business run by Palihapitiya.

– CNBC’s Fred Imbert contributed reporting.

Register For CNBC PRO for unique insights and analysis, and live organization day programs from worldwide.

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Hmm. yes i understand the
question, you know it's been at least
15 years since I've been following the news, no 10 my folks do that, hmm. what was the question again !?
Excuse me, do you remember
where you read about this ?
Are you kidding !?
of course I can, it was here
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