Bitcoin investor and billionaire Chamath Palihapitiya believes that under certain circumstances BTC may reach $1 million. Palihapitiya thinks that the current Bitcoin price is very far away from its real value.
Bitcoin investor and billionaire Chamath Palihapitiya believes that under certain circumstances BTC may reach $1 million. Palihapitiya, a former Facebook executive and currently the CEO of Venture Capital fund Social Capital, thinks that the current Bitcoin price is very far away from its real value.
Chamath predicted this price in his talk with Anthony Pompliano who is a partner at Morgan Creek Digital Assets. According to Palihapitiya, cryptocurrencies will not be able to replace fiat money as its volatility stood in the way of mass adoption. While due to price fluctuations, they can provide the same reliable guarantees as fiat currencies, especially at the time of the coronavirus pandemic.
At the same time, he is confident that Bitcoin price will increase, especially against the background of the fact that the US Federal Reserve plans to print $ 6 trillion. This makes more and more new investors look towards Bitcoin and other cryptocurrencies, independent of the decisions of central banks.
According to Palihapitiya, in the distant future, bitcoin may become a global reserve currency, especially if central banks continue to adhere to the same policy and print money in any economic crisis.
Palihapitiya became involved in Bitcoin investing when prices were about $80 per Bitcoin. He also allegedly once owned about 5% of Bitcoins (according to him).