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Billionaire Chamath Palihapitiya: BTC effectively replaced gold

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Chairman of the board of the futuristic space company Virgin Galactic and owner of the NBA Golden State Warriors club billionaire Chamath Palihapitiya said in an interview with CNBC that in his opinion BTC has already effectively replaced gold.

Palihapitiya, who has built great respect among investors in recent years for choosing successful investments combined with his futuristic worldview (reminiscent of Elon Musk), has seen potential in BTC since its early years. By the time many had no idea what BTC really was, he had already invested tens of millions of dollars in it.

Nevertheless, he has been more or less silent about BTC in previous months and did not return to him until during an interview this week with CNBC’s Scott Wapner during the Delivering Alpha conference.

Palihapitiya did not want to comment too much on price predictions for BTC, but said: “It’s very difficult for me to sit here and give you a price forecast, but I think I can say with certainty that BTC has effectively replaced gold. (BTC) will continue this trend. And so, of course, it will grow (over time) and its capitalization. “

He was also interested in other cryptocurrencies

A respected investor does not seem to be a complete BTC maximalist. With its creation, BTC also opened the door to other decentralized currencies, which provided space for the development of new markets. “Smart contracts, better savings accounts, better second insurance, better credit building” he listed several interesting cases of the use of other blockchains and subsequently mentioned cryptocurrencies ETH a Solana.

Nevertheless, Palihapitiya apparently does not want to be perceived as a big fan of the altocoin scene and holds that BTC is in his primary focus. He literally said that he had invested only “small capital” outside of BTC. In reality, however, it was small capital only from his point of view, since he subsequently added: “You know, it was tens, hundreds of millions – just today’s small capital. Retrospective, no matter what I do, I will tell you that we need to pay close attention to this area, because its reach can be huge. “

Chamath Palihapitiya is worried about inflation

Chamath is deeply concerned about current inflation, saying that the medium-term inflation outlook is not rosy at all. He claims that he wants to own three second assets during this period:

  • Assets with high growth potential – these are companies that can grow by up to 50% per year
  • Cash-generating assets – this also includes BTC, Solana and Defi protocols
  • Non – correlation assets

“Killing” BTC would be very difficult

Palihapitiya also commented on a recent statement by another billionaire, Ray Dalio, who founded the world’s largest hedge fund, Bridgewater Associates. According to Dalio, who also has a direct investment in BTC, there is a risk that if this cryptocurrency becomes too large and influential, governments will try to destroy it.

“I think it would be very difficult to “kill” BTC. Very difficult technically. That’s exactly how it’s designed, as the deepest iteration of the Internet we’ve ever seen.” responded.

Chamath then outlined his expectations for the future. He thinks that the Internet will gradually move to a generation called Web 3.0, which will be ruled by decentralized autonomous organizations (DAO) and the influence of the largest centralized technology giants such as Google or Facebook will gradually diminish.

“It will be an internet without an obvious leader. It will have no central lead entity. It will be completely peer-to-peer. And I think it will be very scary, but also exciting. “ he added.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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