Chamath Palihapitiya has invested heaps of millions in bitcoins and believes it is complicated to impose a blanket ban on cryptocurrencies, he said Wednesday in an interview with CNBC’s Scott Wapner.
The billionaire investor was asked what his idea was of SEC Chairman Gary Gensler, claiming that the crypto market was “full of fraud” and Ray Dalio claiming that regulators would try to “kill” bitcoin if it succeeded.
“I think it’s very complicated to kill,” Palihapitiya said. So, technically, it’s very complicated. As designed, it’s the innert iteration we’ve ever seen. “
The third edition “reconstructs all this without an apparent leader. It’s absolutely headless. It is completely peer-to-peer. And I think it’s scary and stimulating,” he said.
Still, the SEC’s Gensler has continued to accentuate his calls for regulation of cryptocurrencies and DeFi, demonstrating that Wall Street’s most sensible regulator is willing to create a set of regulations to monitor volatile markets while balancing the interests of American innovators and investors. .
The founder of Social Capital said he has been reading the cryptocurrency market specifically for more than 18 months, making him a “huge intellectual bull” in the space, but his holdings seem to be more commonly limited to bitcoins.
“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 piece of capital just now. This can be very important. But regardless of what I do, I will say that we all want to pay attention to it, because I think the implications are huge. “
“It’s very complicated for me to sit here to give him a worthwhile forecast,” he told CNBC. “But I can say with enough confidence that Bitcoin, I believe, has replaced Passld. And it will continue to do so. And then that market capitalization is just passing to set aside. “
Bitcoin was last traded 3% that day at $43,073 consistent with the currency on Thursday, according to CoinDesk’s knowledge. It’s up about 50% so far this year, according to Coinbase’s knowledge.
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