HomeCryptoBitcoinChamath Palihapitiya: "Bitcoin has replaced gold"

Chamath Palihapitiya: “Bitcoin has replaced gold”

Well-known billionaire Chamath Palihapitiya has said that he believes Bitcoin has already effectively replaced gold.

Palihapitiya claims Bitcoin will grow in value in the future

In a recent interview with CNBC, he said:

“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 interview was mainly about inflation issues, as inflation in the US has more than doubled from the norm in the past few months.

Chamath was concerned about this situation, especially in the medium term, and said that he would like three things as solutions: very strong economic growth, liquidity-generating assets, and owning uncorrelated assets.

Has Bitcoin replaced gold?

Among the high-growth assets, which he calls “hypergrowth”, he lists those companies or assets that are growing at least 50% every year, such as Sofi, Opendoor Technologies and Clover Health. In contrast, among the stocks of cash-generating assets, he cited mining companies.

Among uncorrelated assets he mentioned bitcoin and SOL (Solana), which he described as a “great counterintuitive hedge” against the other two investments.

In other words, on the one hand, he is looking for those high-growth assets that generate a lot of cash, while on the other hand, he highlights uncorrelated assets to counterbalance risk.

Bullish statements on Bitcoin. Palihapitiya’s past

Palihapitiya had previously speculated that bitcoin’s price might even reach $200,000 sooner or later, but this time he added:

“I don’t know where it goes. I’m a huge intellectual bull. It could get very big. We all need to pay attention to it”.

He had made several bullish statements about Bitcoin in the past, particularly as a hedge against the risks posed by inflation. The current situation is only confirming his concerns, although there are those who question the idea that it really is an uncorrelated asset.

He also believes that cryptocurrencies and decentralized finance will dominate the so-called Web 3.0, just as Google and Facebook dominated the first two versions of the Internet. The next phase of this evolution would be to build leaderless, bossless, entirely peer-to-peer infrastructures. From this point of view, Bitcoin is clearly unrelated to all traditional assets.

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".