Benzinga | Apr 26, 2021 01:23PM EDT

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.

Related Link: Power Transaction: Bitcoin Whales Move Over $6B Worth Of Crypto In A Day

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.

(Image by xresch from Pixabay)