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 chief stated 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 be the founder and CEO of Social Capital.
Earlier this 12 months, Palihapitiya predicted that the worth of BTC would hit $200Ok in about 5 years. Commenting on his value prediction, he stated Wednesday:
It’s very laborious for me sitting right here to offer you a value prediction, however I can fairly confidently say that bitcoin, I feel, has successfully changed gold. And it’ll proceed to take action. And in order that market cap is simply going to develop.
The worth of bitcoin is $48,093 and its market cap is $905.eight billion on the time of writing, primarily based on knowledge from Bitcoin.com Markets.
Palihapitiya has lengthy been a supporter of bitcoin. He revealed final 12 months: “In 2013, I purchased so much and at one level I feel 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 exterior of bitcoin clearly. , tens of tens of millions, tons of of tens of millions — like small capital proper now. It might get very huge. However no matter what I do, I’ll say all of us want to concentrate to it as a result of I feel the implications are huge.”
He defined that cryptocurrencies and decentralized finance (defi) are a part of Net 3.zero 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 stated. “It’s fully headless. It’s completely peer-to-peer. And I feel that that’s each scary and exhilarating.”
Palihapitiya additionally reportedly commented on whether or not regulators might kill bitcoin or cryptocurrency. Some folks, reminiscent of Bridgewater Associates founder Ray Dalio, have warned that governments might kill cryptocurrency if it turns into actually profitable. Nevertheless, many others stated it isn’t potential to kill crypto, together with Tesla CEO Elon Musk, who lately recommended that governments ought to “do nothing” to manage or management crypto.
Palihapitiya opined:
I feel it’s very laborious to kill [bitcoin]. Technically, it’s very tough. Simply the way in which that it’s architected, it’s the most profound iteration of the web that we’ve seen.
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