Billionaire SPAC King Reveals Huge Bitcoin Bet, Predicts Bitcoin Price Will Rise By Replacing Gold

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Bitcoin and cryptocurrency prices surged in October after a difficult September, with the cryptocurrency market returning to over $ 2 trillion.

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The price of bitcoin rises again by $ 50,000 per bitcoin after falling below the closely watched level in early September, even after Tesla TSLA chief executive Elon Musk, one of the biggest bitcoin price boosters this year. , issued a serious warning regarding bitcoin.

Now billionaire investor Chamath Palihapitiya has revealed that he has poured “hundreds of millions” into bitcoin and predicts that the price of bitcoin will continue to climb as it replaces gold.

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Chamath Palihapitiya, the billionaire venture capitalist founder of Social Capital, has long … [+] defended bitcoin and cryptocurrencies and predicted that the price of bitcoin would continue to soar.

2018 Bloomberg Finance LP

“It’s very difficult for me sitting here to give you a [bitcoin] price prediction, ”Palihapitiya, who founded venture capital firm Social Capital in 2011 and recently became King of PSPC for its support of alternative investment vehicles, told CNBC this week. with enough confidence that bitcoin, I think, has indeed replaced gold. And he will continue to do so. And so that market cap will just increase. “

While Palihapitiya enjoys other cryptocurrencies, including buzzy, upstart Solanahe said his crypto holdings are mostly limited to bitcoin.

“I obviously haven’t put a lot of money outside of bitcoin,” he said. “You know, tens of millions, hundreds of millions, like a little capital right now. It could get really big. But regardless of what I do, I will say we all need to pay attention to it because I think that the implications are enormous. “

Palihapitiya has previously predicted that bitcoin could climb up to $ 200,000 per bitcoin one day, a price that would give bitcoin a market cap of around $ 4 trillion.

Bitcoin, which this time last year was trading at just $ 10,000, has skyrocketed over the past year, adding over 300% and causing the broader crypto market to explode in value. The price of bitcoin has risen as investors increasingly name bitcoin as a hedge against inflation and predict that it will serve as a digital alternative to gold.

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The price of bitcoin is down from the same time last month, even after bitcoin and other big … [+] cryptocurrencies exploded in October.

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Meanwhile, bitcoin and cryptocurrencies face regulatory backlash, with China cracking down on crypto trading and US Securities and Exchange Commission (SEC) Chairman Gary Gensler vowing to step up. reviewing the crypto market. Wall Street legend Ray Dalio has warned that governments and regulators will eventually try to “kill” bitcoin if it continues to grow.

“I think [bitcoin is] very difficult to kill, “Palihapitiya added.” So technically it is very difficult. The way it’s structured, it’s the deepest iteration of the Internet we’ve seen. “

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