Bitcoin billionaire Chamath Palihapitiya says crypto is destroying capitalism and it’s better for the world

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Bitcoin billionaire and venture capitalist Chamath Palihapitiya believes cryptocurrencies are thwarting capitalism and could help create a better financial future for the world.

In a new episode of the All-In podcast, Palihapitiya makes a case for crypto assets and decentralized finance (DeFi), claiming that crypto is already dramatically changing the way capital is allocated.

It destroys capitalism. If you think about what capitalism is, it’s not just a return on your investment, it’s the tonnage of dollars. So whoever is a big investor here is putting more and more dollars for more and more dollars.

It’s the pressure. These guys are under tremendous pressure to get the tonnage of dollars through the system productively. These guys are in the foreground.

But when you look at most of the projects on Solana [SOL], they’re seeded with a few million dollars, and they’re $ 60 billion to $ 80 billion market cap projects. And so, I don’t know how capitalism survives in this world.

Palihapitiya says the autonomous nature of crypto assets, along with crypto-based governance systems that simply rely on code rather than humans, is a game-changer.

Governance goes completely out the window. Because you are essentially replacing a set of standards that we all agreed on what a business is. It is an LLC or C-Corp which is incorporated with laws. Theres remedies for you, you can go to those places and sue them. Now it is a DAO (Decentralized Autonomous Organization).

It’s a bunch of rules written on a blockchain. This is how it all works, this is how I make my HR decisions. Here is this, here is that. And then you break everything down into a service where it’s recursive. You cannot build with me unless you make yourself buildable for others.

The end result, according to Palihapitiya, is a digital transformation that will reshape the nature of capitalism in a remarkably positive way.

“When you add all of these… things together, to me it’s the most incredibly and positively disruptive force we’ve seen. I think it will destroy the wealth. Frankly, I don’t care and I think it’s better for the world.

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