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“Nobody Can Stop” Bitcoin: Facebook Millionaire & NBA Franchise Owner is a Believer

Last Updated March 4, 2021 5:00 PM
Francisco Memoria
Last Updated March 4, 2021 5:00 PM

Venture capitalist and Facebook millionaire Chamath Palihapitiya is a well-known bitcoin investor, who’s previously publicly announced his belief in the cryptocurrency. The venture capitalist, who was an early member of the Facebook team and owns the Golden State Warriors, told Bloomberg , as early as 2013, that he was investing in bitcoin because of the promise of the technology.

In late 2013, as covered by CCN.com, it was revealed that he owned $5 million worth of the cryptocurrency, and planned on purchasing more.

Recently, in an interview with CNBC  at the Delivering Alpha conference, Palihapitiya revealed that he is still confident when it comes to tech stocks in general, and in bitcoin. The venture capitalist notably stated that bitcoin can’t be controlled by an individual or organization. He said:

“Nobody can stop it because nobody can control it. The idea that the government can put curbs on this is actually pretty specious.”

The venture capitalist’s words come one week after JP Morgan’s chief executive Jamie Dimon took another shot at bitcoin. Earlier this month, the banker had stated that the cryptocurrency was “a fraud”, and added that he would fire any employee trading in the cryptocurrency.

In his second shot at the cryptocurrency, the banker stated that it was “worth nothing,” and that he believed governments would eventually crack down on cryptocurrencies and those trading them.

Regarding Jamie Dimon’s comments on bitcoin, Palihapitiya stated  that it was most hope, and that his statement “probably doesn’t mean much in the grand scheme of things.” Among the criticism the banker’s comments brought him were the words of Alex Gurevich, a former JP Morgan executive and head global macro, who stated:

“Jamie, you’re a great boss and the greatest of all-time (GOAT) bank CEO. You’re not a trader or tech entrepreneur. Please, STFU about trading bitcoin.”

Bitcoin is Uncontrollable

When asked if the if the IRS could one day take 50% of bitcoin’s market cap just by trying to get involved and control where the money is going, who is sending it, and who is receiving it, the venture capitalist stated that the answer to the question could only be given if there was a place to go to ask it. Palihapitiya further added that bitcoin isn’t a company or an entity controlled by a few people.

He further added that the cryptocurrency is uncontrollable and stated that, rather than debate how bitcoin is doing, or its use for nefarious purposes, the discussion should revolve around how to put it to better use.

Regarding whether or not governments can one day put an end to it, he said that the “genie is out of the bottle”, and that “now the real question is how can we productively use it to solve some of society’s issues around the financial services infrastructure.”

Featured image from Shutterstock.