Bitcoin Has Effectively Replaced Gold, Says Venture Capitalist Chamath Palihapitiya

Canadian investor Chamath Palihapitiya pitted Bitcoin against gold.

By Radhika Parashar | Updated: 30 September 2021 19:25 IST

Bitcoin Has Effectively Replaced Gold, Says Venture Capitalist Chamath Palihapitiya

Bitcoin is the world's most valued cryptocurrency

Highlights

Noted venture capitalist expresses positive view on Bitcoin growth
Bitcoin is modern-day gold, as per Chamath Palihapitiya
Palihapitiya’s statement comes days after China’s crypto crackdown

Bitcoin is a modern-day replacement for gold, venture capitalist Chamath Palihapitiya said in a television interview. Palihapitiya was being interviewed by CNBC news host Scott Wapner at the Delivering Alpha conference on September 29. When he was asked to predict how high could Bitcoin value shoot up to, Palihapitiya did not give a figure but instead answered that the cryptocurrency can dethrone gold.

"It's very hard for me to give a price prediction, but I can pretty confidently say that Bitcoin has effectively replaced gold," the 45-year-old venture capitalist said.

"I can pretty confidently say that #bitcoin has effectively replaced gold," says @Chamath.

"And it will continue to do so... that market cap is just going to grow." #DeliveringAlpha pic.twitter.com/KFL4TywfD3
— Delivering Alpha (@DeliveringAlpha) September 29, 2021

Palihapitiya's statement comes just days after China imposed a blanket ban on crypto trading. China's decision stirred a major upheaval in the crypto market.

Despite witnessing minor dips in the value for two days in a row, Bitcoin price rose again on Thursday, September 30. This morning, the cryptocurrency began trading at Rs. 34,28,765 (roughly $46,116), as per the Gadgets 360 crypto tracker.

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According to a research report by Furtune Business Insights, the global cryptocurrency market is projected to reach $1,758 million by 2027.

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

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Further reading: Bitcoin, Venture Capitalist, Chamath Palihapitiya, Cryptocurrencies

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More