Bitcoin Has Effectively Replaced Gold: VC Chamath Palihapitiya

Bitcoin is a modern replacement for gold, venture capitalist Chamath Palihapitiya said in a television interview. Palihapitiya was being interviewed by CNBC news anchor Scott Wapner at the Delivering Alpha conference on September 29. When asked to forecast how high the value of Bitcoin could skyrocket, Palihapitiya did not give a figure, instead responding that the cryptocurrency can dethrone gold.

“It is very difficult for me to give a price prediction, but I can say with enough confidence that Bitcoin has replaced gold,” said the 45-year-old venture capitalist.

Palihapitiya’s statement comes just days after China imposed a blanket ban on cryptocurrency trading. China’s decision sparked a huge commotion in the cryptocurrency market.

Despite witnessing minor drops in value for two days in a row, the price of Bitcoin rose again on Thursday, September 30. This morning, the cryptocurrency started trading at Rs. 34,28,765 (approximately $ 46,116), according to crypto tracker Gadgets 360.

According to an investigation report By Furtune Business Insights, the global cryptocurrency market is projected to reach $ 1.758 billion by 2027.

Interested in cryptocurrencies? We discussed all things cryptocurrency with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available at Apple podcasts, Google podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, it is not a legal tender and is subject to market risks. The information provided in the article is not intended to be or constitutes financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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