“Bitcoin Has Overpowered Gold in Recent Times”, Says Chamath Palihapitiya

In the words of Chamath Palihapitiya, gold’s superiority is no more because it has been overpowered by Bitcoin effectively in recent times. He is also bullish about the future Bitcoin value which he foresees to be over and above US$ 200 K.

CNBC continues to probe people regarding their viewpoints on cryptocurrencies. While doing so, it talks to every type of business entrepreneur whether they like or dislike crypto. Even people who do not want to talk about on the subject of crypto, are interviewed by CNBC.

But recently CNBC got the chance to interview an emerging businessman who is the Chairman of Virgin Galactic i.e. Chamath Palihapitiya. Palihapitiya is also working with Social Capital as its CEO. He gave his viewpoint with regard to Bitcoin in particular and said that people are now interested more in Bitcoin rather than gold. He said that Gold has been effectively overpowered by Bitcoin in recent times. Now Bitcoin is considered far more superior to Gold.

He even went on to comment that looking at Bitcoin’s recent past performance, he has been forced to alter his Bitcoin’s future price prediction. He told the interviewer that few months back he suggested that in five years’ time Bitcoin’s value would be over US$ 200 K. However, that prediction has changed a great deal. At presently, he believes that the value of US$ 200 K could become a reality in the next two years.

He has been amongst the prominent people who unconditionally lend their support to Bitcoin. He had even made the confession of owning Bitcoins which he had acquired in the year 2013. He revealed that in fact, he had been owning a large number of Bitcoins which would easily represent 5% of the overall Bitcoin supply. Palihapitiya also stated that though he is aware of other cryptocurrencies’ potential but he is interested exclusively in Bitcoin. This is so because he thinks that Bitcoin is the ultimate amongst all other cryptocurrencies. In the future decade as well he does not see any other cryptocurrency overpowering Bitcoin.

He then talked about decentralized finance (DeFi) and said that DeFi is an innovation that originates from the evolution of the internet. However, to him DeFi is the second evolution of the internet while the first belonged to Google and social media platform, Facebook.

At next, he discussed the hype with regard to crypto regulation. He was asked to give his viewpoint on whether he thinks the regulation would destroy crypto. Palihapitiya responded that there are mixed opinions of people on the question. Some believe that regulation will destroy crypto completely while others think to the contrary. However, in his personal opinion, there will not be any killing at all. Crypto will continue to exist because technology and innovation find their ways how to survive and prevail even in odd circumstances.