Early Bitcoin investor, Venture Capitalist and a disciple of Warren Buffet, Chamath Palihapitiya is still bullish on Bitcoin. Chamath who is the CEO and founder of Social Capital has also worked with Facebook during its early days.
Chamath has first bought Bitcoins when it was around $100 even less. Reportedly, he has been accumulating Bitcoins since 2013 and had 5% of all the Bitcoins back then. He still believes that “it is the single best hedge against the traditional financial infrastructure.”
During the bull run of 2017 in December Chamath also saw Bitcoin above $100,000. He told the media back then,
“I think this thing is a $100,000 a coin probably in the next three to four years.”
Chamath on Bitcoin as “schmuck insurance” (Source)
It seems that his predictions are lining with the other predictions made by Bitcoin proponents which all see Bitcoin to $100,000 sooner than one can expect. He also stands by his predictions of Bitcoin reaching $1 million in the next 20 years, which he made in 2013.
Nevertheless, critics continue to raise doubts on the adoption rate of Bitcoin and it’s lack of inherent value. Joe Kerner from Squackbox pointed out that Bitcoin should be used for its inherent value as a decentralized, immutable public distributed ledger, while the price is currently rising on the pretext of the fall of the economy. Hence, there seems a strong discrepancy between the reason for the rise.
However, Chamath was consistent with his believe in Bitcoin more as a hedging instrument than anything else.