Virgin Galactic Chairman and Billionaire venture capitalist Chamath Palihapitiya who predicted Bitcoin hitting $1,000,000 per BTC is warning that the global economy appears on track to witness two phases of recession.

In a recent interview on the All-In Podcast, the Crypto O.G. says the world is currently experiencing a supply-side recession, which he notes is the first part of the process.

“We have been in a supply-side recession. That is what has caused inflation.

We have to go through a process of taking all the excess money, that’s been put in, out. And when you do that, we will destroy demand and then that’ll trigger a demand-side recession… and we will destroy asset values…

I think we’re still firmly in that first phase, and I hate to be the bearer of bad news, but the reason why I still think we’re in the first part of this process is because people, broadly speaking, still have a lot of savings because of all the stimulus checks. There is still a lot of money.”

Learn more about your ad choices. Visit megaphone.fm/adchoices