Fun

Virgin Galactic Chairman Chamath Palihapitiya Says Bitcoin Has Replaced Gold

News Feed - 2021-10-04 10:10:24

Virgin Galactic Chairman Chamath Palihapitiya Says Bitcoin Has Replaced Gold


Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya, says bitcoin has effectively replaced gold. Having predicted that the price of the cryptocurrency would hit $200,000, the executive said bitcoin’s “market cap is just going to grow.” Palihapitiya: ‘I Can Pretty Confidently Say That Bitcoin Has Effectively Replaced Gold’


Virgin Galactic Chairman Chamath Palihapitiya talked about bitcoin in an interview with CNBC at the Delivering Alpha Conference last week. The billionaire executive is also the founder and CEO of Social Capital.


Earlier this year, Palihapitiya predicted that the price of BTC would hit $200K in about five years. Commenting on his price prediction, he said Wednesday: It’s very hard for me sitting here to give you a price prediction, but I can pretty confidently say that bitcoin, I think, has effectively replaced gold. And it will continue to do so. And so that market cap is just going to grow.


The price of bitcoin is $48,093 and its market cap is $905.8 billion at the time of writing, based on data from Bitcoin.com Markets.


Palihapitiya has long been a supporter of bitcoin. He revealed last year: “In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.”


The billionaire investor was quoted last week as saying: “I haven’t put a lot of money outside of bitcoin obviously. You know, tens of millions, hundreds of millions — like small capital right now. It could get very big. But irrespective of what I do, I will say we all need to pay attention to it because I think the implications are enormous.”


He explained that cryptocurrencies and decentralized finance (defi) are part of Web 3.0 while Google and Facebook dominated the first two versions of the internet. The next stage of the evolution of the internet “is rebuilding all of that stuff without an obvious leader,” the Virgin Galactic chairman said. “It’s completely headless. It’s entirely peer-to-peer. And I think that that’s both scary and exhilarating.”


Palihapitiya also reportedly commented on whether regulators could kill bitcoin or cryptocurrency. Some people, such as Bridgewater Associates founder Ray Dalio, have warned that governments could kill cryptocurrency if it becomes really successful. However, many others said it is not possible to kill crypto, including Tesla CEO Elon Musk, who recently suggested that governments should “do nothing” to regulate or control crypto.


Palihapitiya opined: I think it’s very hard to kill [bitcoin]. Technically, it’s very difficult. Just the way that it’s architected, it is the most profound iteration of the internet that we’ve seen.


Do you agree with Chamath Palihapitiya that bitcoin has replaced gold? Let us know in the comments section below. Rich Dad Poor Dad"s Robert Kiyosaki Predicts "Giant Stock Market Crash" in October — Says "Bitcoin May Crash Too" MARKETS AND PRICES | Sep 26, 2021 Billionaire Mike Novogratz Says Bitcoin Market Is "in Good Shape" — China Has "Less and Less" Influence Over Crypto MARKETS AND PRICES | Sep 26, 2021 Tags in this story Bitcoin Price, Chamath Palihapitiya, Chamath Palihapitiya bitcoin, Chamath Palihapitiya crypto, Chamath Palihapitiya cryptocurrency, Chamath Palihapitiya price prediction


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Banking Giant HSBC Files Trademarks for a Wide Range of Digital Currency and Metaverse Products
Banking Giant HSBC Files Trademarks for a Wide Range of Digital Currency and Metaverse Products Banking giant HSBC has filed trademark applications with the United States Patent an
Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’
Grayscale"s Crypto Assets Under Management Soar Past $30 Billion — "Institutions Are Here" Grayscale Investments has surpassed the milestone of $30 billion in
Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan
Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan With China still in the lead, other countries are advancing their projects to develop
Multi-Billion Dollar Hedge Fund Goldentree Is Reportedly Adding Bitcoin to Its Balance Sheet
Multi-Billion Dollar Hedge Fund Goldentree Is Reportedly Adding Bitcoin to Its Balance Sheet The hedge fund Goldentree, a firm with $41 billion in assets under m
Tom Mitchelhill3 hours agoOpenSea ‘unaware’ of any involvement of former exec in $60M rug pullA former OpenSea employee has been accused of assisting the infamous AnubisDAO rug pull in 2021, but some commentators hav
Coinbase Receives Approval to Offer Full Suite of Crypto Products in Netherlands
Coinbase Receives Approval to Offer Full Suite of Crypto Products in Netherlands Crypto exchange Coinbase has received approval to offer its full suite of retail and institutional
Ronin bridge hack caused by error in upgrade deployment script — Verichains
Christopher Roark10 hours agoRonin bridge hack caused by error in upgrade deployment script — VerichainsThe upgrade deployment script failed to call an important initialization function, leaving the vote threshold at z
Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform
Alameda-Funded Ren Tells Users to "Bridge Back to Native Chains" as It Sunsets 1.0 Platform According to the team behind the open protocol Ren, developers are winding down the Ren
SuperRare Expands into Bitcoin Ordinals, Unveils 'No Brainers' NFT Collection
Ezra Reguerra13 minutes agoSuperRare Expands into Bitcoin Ordinals, Unveils "No Brainers" NFT CollectionSuperRare Labs" Zack Yanger said being able to help artists connect with a new class of collectors is “a massive w
Crypto Super PAC Fairshake takes top funding spot, beats MAGA — OpenSecrets
Alex O’Donnell5 hours agoCrypto Super PAC Fairshake takes top funding spot, beats MAGA — OpenSecretsThe Coinbase-led advocacy group has raised upward of $202 million so far, according to the political donations resea
Spanish court denies Worldcoin’s injunction request against regulator
David Attlee14 hours agoSpanish court denies Worldcoin’s injunction request against regulatorSam Altman’s company will have to freeze its operations in Spain for the next three months.4174 Total views4 Total sharesLi
Tristan Greene2 hours agoResearcher envisions smart education system built with blockchain, DAOs, NFTs and AIAccording to the research, combining the technologies will result in 12 distinct advantages over the traditiona