Billionaire Chamath Palihapitiya explained a scenario where Bitcoin is not currently a safe asset, but within the next decade, under the influence of certain economic factors, Bitcoin may become a safe asset.
Chamath Palihapitiya, the billionaire CEO of venture capital company Social Capital, said in an interview with Morgan Creek Digital founder Anthony Pompliano that it may be time for Bitcoin to shine.
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Palihapitiya said : "I think Bitcoin needs such a moment to work." He explained: "It is still a speculative tool, and it is too speculative to be unreliable."
Bitcoin is still too volatile
In an interview with Pompliano, Palihapitiya talked about a series of topics related to the current global economy. In terms of replacing the US dollar or other global currencies, Palihapitiya explained that Bitcoin is still too volatile.
He said: "The only market that is more important than the bond market is the money market."
Palihapitiya explained that the volatility of the currency market is relatively low, and its value will change over time. He said: "The currency market is valuable because it allows more market participants to be active in this market so that they can use it as an important pillar of operating their business."
Bitcoin cannot be used in the same way
The billionaire said that compared with the currency market, Bitcoin is extremely volatile. He believes: "You can't use it effectively." "Bitcoin has pushed itself into the concentration area of daily traders and speculators, and now we are here."
Palihapitiya explained that Bitcoin has withdrawn from the “concentration zone” as the number of daily traders and speculators decreased, while retaining some of the attractiveness of long-term holdings.
He said: "Then you need to make the traditional infrastructure look like it might actually collapse." Palihapitiya added that BTC may eventually be regarded as a "safe haven" and may depreciate in order to avoid the collapse of the traditional framework.
Palihapitiya said: "In the next 10 years, this 10-year trajectory will take shape. You will have a lot of time to invest in it to protect yourself and hedge yourself.":
"Bitcoin price is either zero or millions because it will create a quasi-gold standard. It will create an index instead of having to hold gold because gold is held by the central bank and it is a kind of participation The person decides and determines the tool of value among the participants, and everyone owns it. "
For many years, the crypto industry has regarded Bitcoin as a hedging tool. Pompliano himself even lobbied for BTC as an asset unrelated to the traditional market.
Cointelegraph contacted Chamath Palihapitiya for more details, but did not receive any response as of press time. If there is a response, this article will be updated accordingly.
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