Chamath Palihapitiya’s Bitcoin Prediction
Billionaire investor and tech entrepreneur Chamath Palihapitiya has proposed that Bitcoin (BTC) could soar to $1.14 million during this cycle, potentially replacing gold in the long term.
In his remarks, Palihapitiya pointed out that Bitcoin has historically seen price surges following halvings. He believes that the current market has reached a “turning point” with the launch of spot Bitcoin ETFs. According to the billionaire, these ETFs are driving institutional adoption of Bitcoin, which is likely to have a significant impact on its price.
Palihapitiya emphasized that his estimates were based on averages from previous cycles and were not meant to serve as “investment advice.” However, he did mention that there is “very significant potential for value growth” when reviewing the averages from the second and third cycles.
The entrepreneur also acknowledged that, although many countries may not adopt Bitcoin as their official currency, he foresees a shift towards a dual-currency model in more nations. In such a system, the local currency would be utilized for everyday transactions, while Bitcoin would be favored as a long-term store of value.
“If these price levels are reached, Bitcoin will completely take over the role of gold,” Palihapitiya stated, asserting that it is becoming inevitable for BTC to establish itself as a permanent store of value on a global scale.
This is not investment advice.
