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Billionaire Chamath Palihapitiya Says It Makes Sense for Countries To Hold Bitcoin in Dual-Currency Environment

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Chamath Palihapitiya is a Sri Lankan-born Canadian and American venture capitalist, engineer, and SPAC sponsor. He is the founder and CEO of Social Capital, a venture capital investment firm based in the San Francisco Bay area. Palihapitiya has made significant investments in various sectors, including energy transition and climate science, life sciences, and deep tech. He is known for his active social media presence and his podcast, “All In,” which he co-hosts with other notable figures in the tech industry

Potential Benefits of Using Bitcoin alongside Local Currency

Billionaire venture capitalist Chamath Palihapitiya suggests that countries could benefit from using Bitcoin (BTC) alongside their local currency. Palihapitiya, who was introduced to Bitcoin by Silicon Valley entrepreneur Wences Casares in 2010, discusses a concept explained by Casares about the potential for Bitcoin’s mass adoption.

Chamath Palihapitiya believes that many countries, including possibly the US, may not view Bitcoin as credible, but an increasing number of countries might adopt a dual-currency system. In such a system, the local currency would be used for daily transactions, while Bitcoin would serve as a permanent asset with residual value. He considers this a powerful concept.

Chamath Palihapitiya’s Insights on Bitcoin’s Performance and Potential

Palihapitiya also shares insights from Casares about tracking Bitcoin’s performance after each halving, which cuts miners’ rewards by half. He presents a chart indicating that Bitcoin could reach close to $500,000 by October 2025 if it follows its previous market cycle performance. Palihapitiya argues that such price appreciation could enable Bitcoin to replace gold and gain transactional utility for hard assets, especially amid concerns about dollar debasement.

At the time of the podcast, Bitcoin was trading at $67,886.

Source: The Daily Hodl

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