Wednesday 30 November 2022
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Chamath Palihapitiya

Famous billionaire: It’s time for Bitcoin to shine

In an interview with Anthony Pompliano, the founder of Morgan Creek, the famous billionaire Chamath Palihapitiya, said that now can be the time for Bitcoin to shine.

According to CoinTelegraph, Palihapitiya said:

I think Bitcoin needed such moments. Bitcoin is still a hoarding tool, and it is still very volatile to rely on.

In an interview with Pompliano, Palihapitia commented on current economic issues. Regarding the replacement of Bitcoin with the dollar or any other global currency, he believes that this digital currency is still very unstable. He said:

The only market that is even more important than the debt market (bonds) is the foreign exchange market.

Palihapitiya explained that foreign exchange markets are fluctuating slightly and are going through price trends over time. He added:

There is value in this market, as more participants are allowed to operate, so they can use it as a vital element in managing their business.

According to the billionaire, Bitcoin is very volatile compared to the foreign exchange market. He added:

You can’t use it effectively. This leads the market to isolation, in which only everyday traders and speculators are active. Where we stand now.

Palihapitiya explains that Bitcoin could break out of isolation by leaving daily traders and speculators and maintaining its attractiveness for long-term investment.

He said:

If bitcoin fails, it may collapse like traditional infrastructure.

Palihapitiya also said that Bitcoin could eventually become a safe haven from traditional failure.

This billion says:

This is a ten-year path, and over the next ten years, as this process unfolds, you will have plenty of time to navigate, control, and protect your capital. [Bitcoin price] can end in zero or millions of dollars because it seeks to create a gold-like standard. This market will create its own index. Contrary to the right of ownership of gold, which belongs to the central banks, it is a tool whose value is valued and determined by the owners and is in fact a capital owned by all.

The digital currency industry has seen Bitcoin as a risk cover for years. Pompliano even considers Bitcoin a separate asset from traditional markets.


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