BTC Wires

Billionaire And Early Bitcoin Investor Sees BTC’s Price Increasing In The Coming Decade

Chamath Palihapitiya, the billionaire and CEO of Social Capital, has argued that BTC’s price might increase significantly over the next decade.

A former Facebook executive, Palihapitiya started investing in BTC back in 2013 when the price was $80 per coin. He guarantees to have owned around 5% of the overall supply at the point.

Talking in a conversation with Morgan Creek Digital Partner Anthony Pompliano, the tycoon investor offered his input on the worldwide condition of the economy considering the coronavirus flare-up. Palihapitiya specifically contended that bitcoin could be set up for significant gains from the economic fallout throughout the following decade.

Palihapitiya called BTC so volatile for mass adoption in its current situation, yet it has potential to succeed as a reserve currency.

He stated –

“It’s still a speculative instrument, and it’s too speculative for it to be reliable.”

He continued –

“If you’re going to make the case that it should replace fiat currency, one thing you have to look at is the volatility of the U.S. dollar. You can’t replace it with something that’s nine sigma more volatile. It doesn’t work.”

Palihapitiya expressed that Bitcoin’s volatility has created a ‘ghetto’ of day traders as well as speculators cornering the digital currency from reaching mass-market appeal.

Moreover, he contended that the current economic user is pushing towards the debasement of fiat, that would have ramifications for BTC.

He stated –

“We are driving, slowly but we are driving, towards a cliff…The path dependence for Bitcoin is if it looks like [debasement] is likely, it will really emerge as a flight to safety.”

Palihapitiya clarified that Bitcoin (BTC) is a binary investment, saying that “This is either zero or it’s millions.”