Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya, says bitcoin has successfully changed gold. Having predicted that the worth of the cryptocurrency would hit $200,000, the manager mentioned bitcoin’s “market cap is simply going to develop.”
Palihapitiya: ‘I Can Fairly Confidently Say That Bitcoin Has Successfully Changed Gold’
Virgin Galactic Chairman Chamath Palihapitiya talked about bitcoin in an interview with CNBC on the Delivering Alpha Convention final week. The billionaire govt can also be the founder and CEO of Social Capital.
Earlier this 12 months, Palihapitiya predicted that the worth of BTC would hit $200K in about 5 years. Commenting on his value prediction, he mentioned Wednesday:
It’s very exhausting for me sitting right here to provide you a value prediction, however I can fairly confidently say that bitcoin, I believe, has successfully changed gold. And it’ll proceed to take action. And in order that market cap is simply going to develop.
The value of bitcoin is $48,093 and its market cap is $905.8 billion on the time of writing, based mostly on information from Bitcoin.com Markets.
Palihapitiya has lengthy been a supporter of bitcoin. He revealed final 12 months: “In 2013, I purchased loads and at one level I believe I had virtually 5% of all of the bitcoins. My foundation is about 80 bucks a coin. I’ve by no means purchased extra.”
The billionaire investor was quoted final week as saying: “I haven’t put some huge cash outdoors of bitcoin clearly. You realize, tens of hundreds of thousands, tons of of hundreds of thousands — like small capital proper now. It might get very large. However regardless of what I do, I’ll say all of us want to concentrate to it as a result of I believe the implications are huge.”
He defined that cryptocurrencies and decentralized finance (defi) are a part of Net 3.0 whereas Google and Fb dominated the primary two variations of the web. The subsequent stage of the evolution of the web “is rebuilding all of that stuff with out an apparent chief,” the Virgin Galactic chairman mentioned. “It’s fully headless. It’s completely peer-to-peer. And I believe that that’s each scary and exhilarating.”
Palihapitiya additionally reportedly commented on whether or not regulators might kill bitcoin or cryptocurrency. Some individuals, akin to Bridgewater Associates founder Ray Dalio, have warned that governments might kill cryptocurrency if it turns into actually profitable. Nevertheless, many others mentioned it’s not doable to kill crypto, together with Tesla CEO Elon Musk, who lately steered that governments ought to “do nothing” to control or management crypto.
I believe it’s very exhausting to kill [bitcoin]. Technically, it’s very tough. Simply the best way that it’s architected, it’s the most profound iteration of the web that we’ve seen.
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