Chamath Palihapitiya reveals he’s put hundreds of millions into bitcoin – and says cryptocurrencies are hard to kill
Chamath Palihapitiya, who has invested hundreds and millions in Bitcoin, said Wednesday that it was difficult to ban all cryptocurrencies.
When asked by a billionaire investor what he thought of Gary Gensler, SEC Chair, stating that the crypto market was ‘rife in fraud’ and Ray Dalio claiming that regulators would attempt to ‘kill’ Bitcoin if it is really successful.
Palihapitiya stated that he believes it is very difficult to kill. It’s technically very difficult. It is, in fact, the most complex internet we have ever seen.
He said that Google and Facebook were the dominant players in the first two versions internet. They created or organized everything on the internet. Decentralized finance and cryptocurrency are part of the next phase of evolution to what’s known as . According to him, the problem with Big Tech’s dominance over the internet is that it’s only two companies.
The third version “is rebuilding all that stuff without an apparent leader. It is completely headless. It is entirely peer-to–peer. He said that he found it both frightening and exciting.
Gensler, the SEC’s top regulator, has not stopped calling for regulation of cryptocurrencies and DeFi. This shows that Wall Street’s top regulator wants to set up rules that will oversee volatile markets and balance the interests of investors and innovators.
Social Capital founder, John S. Smith, said that he has been closely studying the crypto market over the past 18 months. This makes him an ‘huge intellectual bull in the space’. His holdings appear to be mainly bitcoin-related.
He said, “I haven’t put much money aside from bitcoin obviously.” He said, “You know, tens to millions, hundreds of million – it’s like small capital right now. It could grow very large. It could get very big. But regardless of my actions, I’ll say that we all must pay attention because I believe the implications are immense.
Palihapitiya is a bitcoin enthusiast since around a decade. It was only a few years since its inception that Palihapitiya began investing in the cryptocurrency in 2012. He predicted that the coin would reach $200,000 within five years. He said that it was difficult to predict the future price of bitcoin.
He told CNBC that it was difficult for him to predict the price of bitcoin. “But I can confidently state that bitcoin has effectively replaced gold, I believe.” It will continue to do this. Market cap will continue to grow.
According to data from coinDesk, Bitcoin traded 3% higher than the previous day at $43,073 per currency on Thursday. According to Coinbase data, it has risen by approximately 50% this year.