Bitcoin Support from Famous Billionaire: Now Replaces Gold!

Chamath Palihapitiya said in an interview with CNBC’s Scott Wapner on Wednesday that he has invested hundreds of millions in Bitcoin and that it is difficult to impose a general ban on cryptocurrencies.

The billionaire investor was asked what he thought of SEC Chairman Gary Gensler’s statement that the crypto market is “fraught with scams” and that the regulators will try to “kill” Bitcoin if it really succeeds.

“I think it is very difficult to kill,” Palihapitiya said. “Technically it is very difficult. Architecturally, it’s the deepest iteration of the internet we’ve ever seen.”

According to Palihapitiya, Google and Facebook dominated the first two versions of the internet by creating or editing everything that currently exists, while decentralized finance and cryptocurrencies are part of the next phase of evolution known as Web 3.0.

In addition, the Social Capital founder said that he has been studying the crypto market especially for the last 18 months, and this review has made him a “huge intellectual bull”. However, investment assets seem mostly limited to Bitcoin. “Obviously I didn’t put a lot of money outside of Bitcoin,” he said.

Palihapitiya has been a Bitcoin enthusiast for nearly a decade. It started investing in 2012, just a few years after its founding. Earlier this year, he predicted that the coin could reach $200,000 within five years. But in this latest interview, he said it’s hard to predict where the price might go.

“Of course it is very difficult to sit here and make a price prediction. However, I can clearly say that Bitcoin has now replaced gold. Therefore, the market value will continue to grow. However, I am not in a position to explain my investments other than Bitcoin at the moment.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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