Billionaire Chamath Palihapitiya Says Financial Chaos Would Drive Bitcoin to New Heights

Venture capitalist and billionaire Chamath Palihapitiya says Bitcoin will drive financial accessibility to billions of people – if the global financial system crumbles.

The Social Capital CEO and former Facebook executive is one of the largest known Bitcoin holders. In a new interview on CNBC’s Squawk Box with Joe Kernen, Palihapitiya explains what he believes it will take for Bitcoin’s price and adoption to reach meteoric heights.

“The last few million coins of Bitcoin are obviously going to cost more energy than the first 18 million. But in the grand scheme of things, again, this is something in Bitcoin parlance people say ‘Hodl’. You buy it, you hold it, you put it away.”

 But Palihapitiya adds that this is a situation no one should want to happen.

“And honestly, I think you hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something you actually really want to see.”

On the other hand, Palihapitiya remains optimistic about the changes Bitcoin could make on the financial infrastructure.

“Now that being said, if it does happen, I think it will create an enormous power redistribution and it will push power, it will push financial accessibility to the edges, to billions and billions of people. And in that there is something to be really proud and excited about.” 

Palihapitiya also says inflation will continue regardless of who wins the election in November.

“The most dominant factor that I see is the combination of Treasury and the Federal Reserve. They have printed so much money that the likelihood is we are going to continue to see asset price inflation independent of who is in the White House.”

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