Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin

Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin

One billionaire venture capitalist has weighed in on the bitcoin vs. gold debate. Chamath Palihapitiya, CEO of Social Capital, said during CNBC’s Delivering Alpha conference that gold has met its match. He stated,

“I can pretty confidently say that bitcoin I think has effectively replaced gold. And it will continue to do so. And so that market cap is just going going to grow.”

Palihapitiya opted not to provide a target for the bitcoin price, but he forecast in early 2021 that it was potentially barreling toward $200,000, the timetable for which was uncertain but could be anywhere from five to 10 years. Bitcoin is currently trading below $42,000 after having touched on $50,000 in early September.