Social Capital CEO Chamath Palihapitiya has added his support to the idea that Bitcoin is better, and in the future, better and more widespread than gold. In a recent interview, he claimed that Bitcoin had already overtaken gold and that its market cap would soon reflect this.
Bitcoin has taken the place of gold
Outside of the cryptocurrency industry, the discussion about Bitcoin vs. Gold has increased in recent years, with numerous important personalities from other financial industries influencing it.
While some, like Peter Schiff, continue to dismiss Bitcoin as a viable alternative to gold, others, like Michael Saylor, Anthony Scaramucci, and Steve Wozniak, believe it has more potential.
A billionaire venture capitalist got involved in the dispute between Bitcoin and gold. During CNBC’s Delivering Alpha conference, Chamath Palihapitiya, CEO of Social Capital, stated that gold has found its match.
– Deliver alpha (@DeliveringAlpha) September 29, 2021
Palihapitiya hasn’t set a price target for Bitcoin, but he predicts it will be on its way to $ 200,000 by early 2021, with a five to ten year timeframe. After Bitcoin briefly hit $ 50,000 in early September, Bitcoin is trading below $ 42,000 again.
He has already praised the cryptocurrency and its benefits and urged investors to put at least 1% of their portfolios in it. Additionally, he stated that he first became aware of the asset about a decade ago and that buying parts of it has become his best financial bet.
He also voiced concerns about inflation, saying he was “extremely concerned”. He relies on high-growth companies, cash flow companies, and uncorrelated assets like Bitcoin.
CEO is also a supporter of the Solana blockchain, which rivals Ethereum, the second largest cryptocurrency. Solana’s popularity is growing and its native token is currently the seventh largest cryptocurrency by market capitalization.
Chamath stated that it is difficult for me to estimate a price, but I can confidently say that Bitcoin has effectively replaced gold.