Bitcoin has already effectively replaced gold, says billionaire investor Chamath Palihapitiya

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Billionaire investor and former Facebook executive Chamath Palihapitiya claims that Bitcoin (BTC) has already effectively replaced gold as a store of value.

In a new interview with CNBC, the founder and CEO of Social Capital explains why he believes the market share of the flagship cryptocurrency will continue to grow. It also predicts a series of other increasingly important crypto projects due to strong use cases.

Bitcoin, I think, has effectively replaced gold, and it will continue to do so and therefore this market cap is just going to increase.

Then for the first time, I think we see the initial versions of the solution we thought Bitcoin was supposed to be: smart contracts, better savings accounts, better insurance, better credit rating, and that. goes through this DeFi (decentralized finance) stuff that is built on Ethereum and Solana.

The venture capitalist says he’s wary of medium-term inflation and names Bitcoin and two other altcoins as part of an inflation-resistant investment portfolio.

“I am very concerned about medium-term inflation and therefore in an inflationary environment, in my very simplistic view of the world, I want to have three things: hyper-growth [firms] because hypergrowth can always exceed inflation. Think of it as businesses that are growing over 50% per year. It’s incredible growth, isn’t it?

Then I want to own cash generating assets, a good example is like a mining stock. I know it sounds crazy, but it’s pretty amazing. And then I want to own uncorrelated assets: Bitcoin, Solana, DESO (Decentralized Social), a lot of DeFi protocols because it’s a great counter-intuitive hedge against all that stuff. “

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