Chamatha Polyhapitiya, chairman of Virgin Galactic and CEO of Social Capital, said Bitcoin has effectively replaced gold. Bitcoin’s “market cap is set to rise,” the executive said, predicting the price of the cryptocurrency would reach ,000 200,000.
Polyhapitiya: ‘I can say with great confidence that Bitcoin has effectively replaced gold’
Virgin Galactic Chairman Chamath Polyhapitiya spoke about Bitcoin in an interview with CNBC at the Delivering Alpha Conference last week. Founder and CEO of Billionaire Executive Social Capital.
Earlier this year, Polyhapitia predicted that the price of BTC would exceed $ 200 in about five years. Commenting on his price forecast, he said on Wednesday:
It is very difficult for me to predict the price for you sitting here, but I can say with quite confidence that Bitcoin, I think, has effectively replaced gold. And it will continue. And so the market cap continues to grow.
Bitcoin is priced at $ 48,093 and at the time of writing, Bitcoin.com has a market cap of $ 905.8 billion.
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 about 5% of all bitcoin. My base is about 80 rupees a coin. I didn’t buy more than that.”
The billionaire investor was quoted last week as saying: “I obviously didn’t put a lot of money outside of Bitcoin. You know, millions, hundreds of billions – like small capital right now. It could be a lot bigger. But whatever I do, I’ll say We all need to pay attention to this because I think the impact is huge. ”
He explained that cryptocurrency and decentralized money (Defi) were part of Web 3.0, while Google and Facebook dominated the first two versions of the Internet. The Virgin Galactic chairman said the next step in the evolution of the Internet is to “rebuild all those things without a clear leader”. “It simply came to our notice then. It’s totally peer-to-peer. And I think it’s both scary and provocative. ”
Palihapatia reports on whether regulators can kill bitcoin or cryptocurrency. Some people, such as Ray Dalio, founder of Bridgewater Associates, warned that governments could kill him if cryptocurrency is really successful. However, many more said it was not possible to kill Crypto, including Tritter CEO Elon Musk, who recently suggested that the government should “do nothing” to control or regulate crypto.
I think it’s very hard to kill [bitcoin]. Technically, it’s very difficult. The way it has been architected is the deepest repetition of what we have seen on the Internet.
Do you agree with Chamath Palihapitiya that Bitcoin has replaced gold? Let us know in the comments section below.
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