Bitcoin Has Replaced Gold, Says Billionaire Chamath Palihapitiya

Bitcoin Has Replaced Gold, Says Billionaire Chamath Palihapitiya

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.

"I can pretty confidently say that #bitcoin has effectively replaced gold," says @Chamath."And it will continue to do so... that market cap is just going to grow." #DeliveringAlpha pic.twitter.com/KFL4TywfD3— Delivering Alpha (@DeliveringAlpha) September 29, 2021

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.

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.

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