Chamath Palihapitiya: “Bitcoin Is Going To $200k”

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Chamath Palihapitiya thinks bitcoin is going to $100k, then $150k, then $200k. Here's why...

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Chamath Palihapitiya is one of those investors who’s becoming more increasingly well known, as time goes on. Why is this the case? Because he’s delivered extremely high investing returns, especially over the past decade.

He invested in Amazon early on, slack early on, he even invested in Tesla back when everyone thought this was a crazy investment. Turns out it wasn’t and now it’s by far the biggest car company in the world. Another investment that Palihapitiya is very big on, is Bitcoin...

He got asked recently where he thought the price of bitcoin was going this is what he said…“Where is it going it’s probably to a $100k than $150k, than 200 thousand. In what period? I don’t know, 5 years, 10 years, but it’s going there”.

What I want to do with this video, is show you the reasons why he thinks this. Why is he such a bull on bitcoin, how much does he hold, what are the reasons he has to back this up…

So the main thing that Chamath uses bitcoin for is a uncorrelated hedge against the economy and current system that we’re in.

Let me explain this a bit further. I think that we can all agree that we’re in relatively divisive times. Just look at the politics that is going on right now. Presidents have been banned from social media, some people agree with lockdowns, some don’t, some people hate trump others love him. No matter what your views are on any of this, you can’t deny that we’re not on shaky grounds at the moment.

Now one asset that actually benefits from times like these and will continue to do so if they get worse is bitcoin. That’s because bitcoin doesn’t rely
on any banks or government, everything’s done with blockchain which cuts out the need for them. So if things get even worse, with the markets, or the economy, or the political system we could see bitcoin doing even better.

Here’s what Chamath said… “The reason (we can see bitcoin hitting higher prices) is because every time you see all of this stuff happening, it just reminds you that wow, our leaders are not as trustworthy and reliable as they used to be & so just in case we really do need to have some kind of insurance we can keep under our pillow that gives us some access to an uncorrelated hedge…”
“and it’s going to eventually transition into something much more important but for right now you’re just getting all these data points that prove this thing. The fabric of society is frayed and until we figure out how to make it better, it’s time to have a little schmuck insurance on the side and everybody’s running in…”

Because the reality is, bitcoin is a much better version of currency than any fiat money that we’re currently using. Let’s take away those fees. Let’s get rid of centralized control by big banks and governments, let’s give the internet a currency where no one has the power to manipulate it.

I want to let Chamath explain things a bit further because he’s way more articulate than me…

Audio

So the reality is that Cryptocurrency is just a better version of money. But the question is will big corporations adopt it? Chamath thinks that it’s inevitable at some point in time that they will.

He said “eventually these retailers will want to do it because the ability to eliminate credit card fees and the ability of behalf of the consumer to prevent fraud. Those are hugely positive aspects of adopting some kind of cryptocurrency, so it’ll tip…”

I personally think the main thing before we see bigger corporations adopting bitcoin, will be stability in the price. As bitcoin get’s more and more popular and matures with age, we may see more stability in it’s price, and that’s when we’ll see the bigger companies using it. That’s my opinion.

In saying that we have already seen some big names who do use as a form of payment, Microsoft, AT&T, even KFC are now accepting bitcoin. So it’s transitioning maybe even faster than some people think…

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