Social Capital Chamath Palihapitiya has given his support to the argument that bitcoin will one day be more used than gold. He stated that bitcoin has already replaced precious metals and that its market cap will soon reflect this.
Bitcoin has replaced gold
In the past few years, the debate about bitcoin and gold has grown outside of the cryptocurrency community. Several prominent financial industry figures have weighed in on the matter. Some, such as Peter Schiff, still reject BTC’s validity as a competitor to the yellow gold, but others like Anthony Scaramucci and Michael Saylor see more value in the cryptocurrency.
Chamath Palihapitiya is a venture capitalist and engineer who founded Social Capital. Delivering Alpha spoke to him and he stated that it was difficult for him to give a price for Bitcoin, even though he had previously predicted it would reach $200,000 but that he saw a significant milestone in bitcoin’s history.
“I believe that Bitcoin has effectively replaced gold,” he said. It will continue to do this,” he said. He also stated that BTC’s market capitalization would only grow.
Palihapitiya previously praised cryptocurrency’s merits and urged investors to dedicate at least 1% to it. He also stated that he was introduced to the asset approximately a decade ago and that he has been buying portions of it as his best investment decision.
Chamath Palihapitiya. Source: CNBC
All Tesla shares sold
Palihapitiya is also well-known for his support of Elon Musk’s electric car giant Tesla. He recently disclosed that he had sold his entire position in the past year to finance other investment projects.
“I don’t have an unlimited pool of capital. These ideas are not mine alone. The money must come from somewhere.
Social Capital’s CEO expressed concern about rising inflation rates during the same interview. He has been focusing on building hypergrowth businesses and cash-generating companies to prepare for the inevitable.
“In an inflationary world, my very simple view of the world is that I want three things: hypergrowth because hypergrowth can always beat inflation; cash-generative assets and then non-correlated assets.
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