Social Capital's Palihapitiya says bitcoin is 'schmuck insurance you have under your mattress'

Silicon Valley venture capitalist Chamath Palihapitiya, an early investor in bitcoin, is still crazy about the cryptocurrency. "It's the single best hedge against the traditional financial infrastructure," Palihapitiya said in an interview Tuesday with CNBC's Squawk Box. "Whether you support the fiscal and monetary policy or not, it doesn't matter. This is the schmuck insurance you have under your mattress."