Main navigation

Bitcoin Has Replaced Gold, Says Billionaire Chamath Palihapitiya

News
Thu, 09/30/2021 - 05:08
article image
Alex Dovbnya
The former Facebook executive believes that gold has already been replaced by Bitcoin
Bitcoin Has Replaced Gold, Says Billionaire Chamath Palihapitiya
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Social Capital CEO Chamath Palihapitiya recently opined that Bitcoin had “effectively replaced” gold at CNBC’s Delivering Alpha conference:

I can pretty confidently say that bitcoin has replaced gold, and it will continue to do so.
 

Palihapitiya expects Bitcoin’s market cap to continue growing. The billionaire, however, declined to make a specific price prediction during his conversation with CNBC’s Scott Wapner.

Back in January, the former Facebook executive forecasted that Bitcoin could reach $200,000, but he also said that it would take the flagship cryptocurrency up to 10 years in order to get there:

Where is it going? It’s probably going to $100,000 to $150,000, then to $200,000.

Palihapitiya also said that he was “very concerned” about inflation. He’s placing his bets on hyper-growth companies, cash flow businesses and uncorrelated assets of the likes of Bitcoin.

During the most recent interview, Palihapitiya said that crypto could become “very big”:

I'm a huge intellectual bull. It could get very big. We all need to pay attention to it.

Related
Tether Scores Major Legal Win in $1 Trillion Market Manipulation Case

Bulls keep defending the $40,000 support

The world’s largest cryptocurrency has now recovered to nearly $44,000 after dipping below the $41,000 level on Tuesday.

As reported by U.Today, crypto mogul Mike Novogratz predicted that Bitcoin could see another rally in the fourth quarter of 2021 after a period of consolidation.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.