Billionaire venture capitalist Chamath Palihapitiya says it would be a smart move for some countries to use Bitcoin (BTC) alongside their local currency.
In a new installment of the All-In Podcast, Palihapitiya says he recently spoke with Wences Casares – a Silicon Valley entrepreneur who introduced him to Bitcoin in 2010 when BTC was trading at around $80.
Palihapitiya says Casares explained a “powerful concept” that maps out a path for the mass adoption of BTC.
“When I talked to Wences about this, how he explained it, which makes a lot of sense to me is there are a lot of countries that will never look at Bitcoin credibly even if they support it. The US may be one of those, but there’s an increasing body of countries that will become dual-currency and they will look at their local currency and then they will look at Bitcoin. They will say both of these two things are needed.
One when you’re transacting on a daily basis for random goods and services and two when you need to buy a permanent asset that needs to have residual value, you’ll use something like BTC. And I think that’s a very powerful concept.”
The billionaire also says that Casares asked him to look at the performance of Bitcoin after each halving, an event that cuts miners’ rewards in half. Palihapitiya shares a chart suggesting that BTC could skyrocket close to $500,000 by October 2025 if Bitcoin repeats its performance in the last market cycle.
“And if you look at what this price chart could indicate is that if this thing starts to get to these levels of appreciation, it is going to completely replace gold and start to become something that has transactional utility for hard assets. If you marry that with this worry that some folks have about dollar debasement, you start to see some really interesting opportunities.”
At time of writing, Bitcoin is trading for $67,886.
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