Major venture capitalist Chamath Palihapitiya stated that crypto is now dead in the U.S. during his most recent appearance on the latest episode of the All-In podcast.
Palihapitiya, an early cryptocurrency investor who initially got involved in Bitcoin back in 2013, expressed his frustration over the lack of regulatory clarity in the U.S.
The Sri Lankan-born Canadian and American venture capitalist noted that the authorities have "firmly pointed their guns at crypto." The VC suggests that this could lead to the end of the fledgling crypto market in the country.
Back in 2017, Palihapitiya predicted that the price of the bellwether cryptocurrency might reach an eye-popping $1 million per coin within two decades.
His recent comments, however, indicate a sharp shift in his outlook on the American crypto market.The podcast featured discussions on the potential impact of the crackdown on cryptocurrency in the U.S., with participants raising concerns about how this could affect American innovation.
They highlighted the fact that despite Coinbase's efforts to play by the rules and work with regulators, they have faced challenges in obtaining necessary licenses.
In contrast, companies with more questionable practices have come closer to getting a license.