Chamath Palihapitiya - BITCOIN HODLERS SHOULD HEAR THIS!

Chamath Palihapitiya - BITCOIN HODLERS SHOULD HEAR THIS!
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Chamath Palihapitiya - BITCOIN HODLERS SHOULD HEAR THIS!

In this video, Chamath Palihapitiya explains what social capital stands for. He also discusses the importance of Bitcoin in the contemporary era. Here is the summary of the lecture:

The definitions of social capital in society are changing. And the biggest opportunities are driving change in those big pillars that today define the concept. Social capital can simply be defined as those big pillars like healthcare, education, and financial services. That is, the chance to live long and have access to money. These three are the new Maslow's hierarchy of needs that people believe in.

Finding ways of restructuring any business in any of the above-mentioned areas should be the primary focus of every capable person who is trying to move the world forward and make a ton of money. Simply put, trillion dollar markets are completely fucked up and ripe to be disrupted.

Bitcoin is one of the most interesting things happening in the pillar of financial services today. Bitcoin is the cheapest and most frictionless payment rail we've ever seen. Don't worry about Bitcoin as an underlying currency. Forget about whether it replaces fiat dollars or not. What you should care about is that, instead of paying one and a half percent, you can pay virtually nothing to clear and process transactions. Through Bitcoin, you can transfer money from one account to another and from one address to another, which is effectively what today's payment rails do for people.

Consequently, Bitcoin allows you to have businesses that can accept and take payments for any kind of goods and services.

The secondary advantage of Bitcoin, which is more societal, is that there's an increasing level of mistrust around the monetary and fiscal policies for many governments, including the United States. So, Bitcoin is free from governments' devaluation, regulation, or seizures. Brazil and India are now undergoing evaluation. Poland is experiencing the same. With Bitcoin, you can protect your asset and move from a country where there is a level of mistrust to another.

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Credit : Chamath Palihapitiya
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