- chamath palihapitiya has invested hundreds of millions in bitcoin, he told cnbc on Wednesday.
- The billionaire said it is difficult for regulators to crack down on cryptocurrencies, calling them “the most deep internet”. .”
- He was reluctant to reiterate his earlier bitcoin price prediction, saying it’s hard to do.
Chamath Palihapitiya has invested hundreds of millions in bitcoin and believes it is difficult to impose a blanket ban on cryptocurrencies, he said in an interview with cnbc’s scott wapner on Wednesday.
The billionaire investor was asked what he thought of security chairman gary gensler when he said the crypto market is “riddled with fraud” and ray dalio who said regulators will try to “kill” bitcoin if it really succeeds .
Reading: Chamath palihapitiya bitcoin
“I think it’s very difficult to kill,” Palihapitiya said. “technically, it’s very difficult. the way it’s designed, it’s the deepest iteration of the internet we’ve seen.”
google and facebook dominated the first two versions of the internet creating or organizing everything that now exists on it, while decentralized finance and cryptocurrencies are part of the next stage of evolution towards what is known as web 3.0, he said. According to him, the problem with the Internet dominance of the big technology companies is that it is due to two companies.
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The third version “is rebuilding all of that without an obvious leader. It’s completely headless. It’s completely peer-to-peer. And I think that’s scary and exciting,” he said.
Still, the sec gensler has continued to increase his calls to regulate crypto and defi. This shows that Wall Street’s top regulator is interested in creating a set of rules to oversee volatile markets while balancing the interests of American innovators and investors.
The founder of social capital said that he has been studying the crypto market for the last 18 months in particular, which makes him a “great intellectual bull” in the space. but his holdings seem to be mostly limited to bitcoin.
“Obviously, I haven’t put much money out of bitcoin,” he said. “You know, tens of millions, hundreds of millions, like a small capital right now. It could become very big. But whatever it does, I’m going to say we all need to pay attention to it, because I think the implications are huge.”
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palihapitiya has been a bitcoin enthusiast for about a decade. started investing in it in 2012, just a few years after its inception. earlier this year, he predicted the coin could hit $200,000 in five years. but on Wednesday he said it’s hard to predict where the price might go.
“It’s very difficult for me to sit here to give you a price prediction,” he told cnbc. “But I can say with some confidence that bitcoin, I think, has effectively replaced gold. and will continue to do so. therefore, the market capitalization will continue to grow.”
bitcoin last traded 3% higher on the day at $43,073 per coin on Thursday, according to data from coindesk. it is up about 50% year-to-date, according to coinbase data.
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