"I'm a huge fan of Bitcoin, I’m very, very long Bitcoin. Particularly in the developing markets is huge." – Chamath Palihapitiya
We sat down with billionaire Chamath Palihaptiya, owner of the Golden State Warriors and billionaire investor known for his early position in Facebook and founder of Social Capital which manages $2.2 billion dollars in assets.
Palihaptiya, pronounced (pah-le-hap-pe-tee-ah) went on saying, “If you don’t think this thing is going to rip, when Brazil goes through a devaluation, when India Rupee continues to get crushed, when you have all of this money trying to get in and out of these countries where there’s massive political instability or monetary or financial instability, you are being naïve.
It doesn’t matter what happens in the United States, it doesn’t matter what happens in Japan or the EU. It doesn’t matter. It matters what happens in Argentina, Venezuala, Kenya, Brazil, India, Russia, China and when you look at where all of the activity is, it’s in all of those markets. This will be born out of a people’s desire to have untethered access to capital.
Bitcoin and things like it, is equivalent to the red pill. We are entering a world of unchartered water. It is a huge deal. It’s a huge, huge deal. What you’re talking about right now, for the next 3 to 5 years, it is an unbelievably better store of value. It is gold 2.0.
In a portfolio, I think that something like Bitcoin is really important. Why? Because it is not correlated to the rest of the market. The reality is things change. It should be what is the trail of breadcrumbs that a smart, introspective, intellectual curious investor says, is oh, I should pay attention. And when one goes in and actually reads and understand the technical logic behind Bitcoin and the actual fundamental product it’s creating and the value it offers, at the end of the day, here’s what you have to believe: In a world of autocracy, currency curbs, quantitative easing, all forms of central bank created or implemented value destruction, you need a fundamentally distributed store of value. Bitcoin is the only one.
Bitcoin does not exist as a company, it is not an entity, it is already been a thing in which the genie has been let out of the bottle. You cannot get it back in."
September 19, 2018
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