Bitcoin and cryptocurrency costs rose in October after a complicated September, and the cryptocurrency market returned to more than $2 trillion.
Now, billionaire investor Chamath Palihapitiya has revealed that he has invested “hundreds of millions” in bitcoin and predicts that bitcoin’s value will continue to rise as it replaces gold.
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“It’s very complicated for me to sit here to give you a value forecast [bitcoin],” Palihapitiya, who founded venture capital company Social Capital in 2011 and has recently become spac’s king for his preferred investment vehicles, told CNBC this week. “But I can say with enough confidence that bitcoin, I think, has really replaced passld. And it will continue to do so. Therefore, the market capitalization is passing. “
While Palihapitiya loves other cryptocurrencies, adding buzz and a successful solana, she said her cryptocurrency holdings are commonly limited to bitcoin.
“It’s evident that I didn’t put a lot of cash out of the bitcoin gates,” he said. “You know, tens of millions, piles of millions, like a small capital just now. It may become very large. But regardless of what I’m doing, I’ll say we all want to pay attention to it because I think the implications are huge. “
Palihapitiya has already predicted that bitcoin could rise as high as $200,000 in line with bitcoin one day, a value 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 next year, adding more than 300% and exploiting the cost of the broader crypto market. they expect it to serve as a virtual option for gold.
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Meanwhile, bitcoin and cryptocurrencies are facing a regulatory backlash, with China cracking down on cryptocurrency trading and the chairman of the U. S. Securities and Exchange Commission. U. S. Secretary of State (SEC), Gary Gensler, promising to accentuate the scrutiny of the cryptocurrency market. regulators will try to “kill” bitcoin if it continues to grow.
“I think [bitcoin is] very hard to kill,” Palihapitiya added. “So, technically, it’s very complicated. As designed, it’s the innert iteration we’ve ever seen. “
I am a journalist with great delight in covering technology, finance, economics and business around the world. As the founding editor of Verdict. co. uk, I reported