Billionaire venture capitalist Chamath Palihapitiya says Bitcoin (BTC) is cementing its role as the ultimate asset that protects investor capital against inflation.
In a new episode of the All-In Podcast, the Social Capital CEO and early Bitcoin investor says BTC is positioned to usurp gold as the top inflation hedge.
[adinserter block="1"]Palihapitiya says it would be imprudent for Bitcoin investors to time the market as he sees BTC serving a unique purpose for the next century.
“I think you can’t trade these things, and any attempt to do it is probably a level of false precision where you’re going to lose more money and there’s a lot of slippage and even just trying to execute it.
I mean at the beginning of the year, I said the breakout asset was going to be Bitcoin. I think it looks like it’s going to be the resounding inflation hedge asset for the next 50 or 100 years.
So that die has been cast.
I think you’re seeing the last vestiges of people using gold as a rational economic insurance policy, but I think the future is specifically Bitcoin on that dimension.”
Earlier this year, Palihapitiya said it is within the realm of possibility for nations to use BTC alongside their native currency. According to the billionaire, nations that adopt BTC will help their citizens cope with rising prices of goods and services.
“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.”
At time of writing, Bitcoin is trading for $67,760, up over 1% in the past day.
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