VC investor and founder of Social Capital Chamath Palihapitiya was interviewed by CNBC’s Scott Wapner at the Delivering Alpha conference on Wednesday. When asked to give a Bitcoin (CRYPTO:BTC) price prediction, Palihapitiya refrained from giving any targets but instead answered that the cryptocurrency can dethrone gold.
“I can pretty confidently say that bitcoin has effectively replaced gold. And it will continue to do so…that market cap is just going to grow”, the former Facebook executive said.
— Delivering Alpha (@DeliveringAlpha) September 29, 2021
Palihapitiya, who sees cryptos as a “great counterintuitive hedge” against inflation, also said that he is “very concerned about medium-term inflation”.
“In an inflationary environment, in my very simplistic view of the world, I want to own three things: hypergrowth, because hypergrowth can always out-run inflation…cash-generative assets…and then I want to own non-correlated assets.”
By non-correlated assets, the 45-year old venture capitalist meant Bitcoin and other cryptos, as well as investments in hypergrowth companies, which he defines as “businesses that are growing 50% or more each year.” Companies he mentioned were Sofi Technologies, Inc (NASDAQ:SOFI), Opendoor Technologies (NASDAQ:OPEN) and Clover Health Investments (NASDAQ:CLOV).
Palihapitiya told CNBC earlier this year that BTC could print $200K one day. The $900 billion market cap digital asset currently trades around $48K.