Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC



Chamath Palihapitiya, Social Capital founder and CEO, discusses his outlook on bitcoin and up to date crucial feedback on the digital forex from Invoice Gates and Warren Buffett.
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Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC

Billionaire investor Warren Buffett is mistaken about bitcoin, tech enterprise capitalist Chamath Palihapitiya stated Wednesday.

“Not everyone is correct on a regular basis,” the previous Fb govt advised CNBC’s “Squawk Field.” He stated data about know-how shouldn’t be within the Berkshire Hathaway chairman and CEO’s “circle of competence.”

Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Fast, saying the world’s largest cryptocurrency does not produce something besides extra consumers seeking to generate profits by promoting to new consumers. Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Invoice Gates, a Berkshire board member, slammed bitcoin as properly.

Palihapitiya, who referred to as himself a Buffett “disciple,” stated he sees the cryptocurrency as a alternative to gold. “One thing like bitcoin is basically vital,” Palihapitiya stated, “as a result of it’s not correlated to the remainder of the market.”

Palihapitiya added that he feels he’s “in two completely different universes. I want a passport to go between the bitcoin world and the common world.”

He stated individuals like him who’ve owned the cryptocurrency since 2012 view it as a hedge to the “conventional monetary infrastructure.” Whether or not that is true or not is unclear, he added, “however that is how we have all considered it.”

It is vital to recollect what occurred through the monetary disaster, Palihapitiya stated. “Every little thing broke down” and “issues that we thought had been hedges went away.”

The cryptocurrency, which has confronted heavy skepticism, was round $9,275 on Wednesday morning, in keeping with business web site CoinDesk.

Over his four-year tenure at Fb, which began in 2007, Palihapitiya served in varied administration roles, together with vice chairman of person progress.

In December, Palihapitiya bashed social media, and by extension Fb, for making a society that confuses “recognition” with “reality.” He argued, “The instruments that we’ve created right this moment are beginning to erode the social material of how society works.”

Fb took subject with Palihapitiya’s remarks, saying in an announcement that he hasn’t labored for the corporate for six years, and insisting that the corporate has undergone modifications since then.

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34 comments

  1. bitcoin will fail simply because it's intended use is now gone, you cannot use the coin as a currency since the volatility is so high that retailers risk losing all margins by excepting it. Therefor you are buying something that has no purpose, how can anyone be long on something that has no value or purpose??

  2. Shitcoin's success is correlated to fraud that's all… would anyone trust a guy who made his money by steeling private data from billions of people and who just wants to talk shitcoin up because he owns it?

  3. isn't one of Warren Buffett's Berkshire Hathaway's business looking into setting up mobile cryptocurrency mining rigs ?

  4. Let the guy speak. I think Bitcoin is an unsustainable investment (mostly due to the fact that it isn't secure and if it's stolen you have no recourse), but I still like to listen to those who are intelligent that are into crypto.

  5. The mighty dollar is the true disciple of scummy transactions

  6. Look at me…your name is not Chamath.

  7. This dude is very composed.

  8. They're all filling their bags while they trash it

  9. Just like Buffet/Munger say, Bitcoin's a non-productive asset, but it's not like Gold. Gold is subject to proven-beyond-doubt scarcity, has vast history as safe-haven-asset in most if not all civilization and is in high demand since thousands of years. To say Bitcoin is like Gold is thus not quite fair.

  10. And I'm a Palihapitiya disciple but I think he's wrong about this…

  11. Warren Buffet cherry picked 1942. Let's cherry pick 2000. Over 17 years gold's gone up 4.54 times, the S&P (including dividends) has gone up 1.86 times. So gold has gone up 2.44 times
    as much as the S&P 500 over a 17 year period.

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  13. when official media slams Bitcoin = it's time to buy buy buy!!!

  14. WOW! they are being paid to suppress this technology

  15. 4:10 the host almost said THE MEDIA has provoked speculation in bitcoin but he catches himself

  16. Wasn't a very complete or good explanation of why Bitcoin is a great asset. Non-correlated, fine. But the point Buffett makes is still true. Blockchain has a lot of potential, but Bitcoin is unlikely to be a currency going forward, but can be a great means of payment, transactions, etc.

  17. Scum??? You mean the people who almost crashed the whole world financial market? Left an entire generation without perspective? Yeah those people…

  18. He was WRONG on Hillary too ! Remember how he followed her around the campaign trail like a lost puppy dreaming about all that she could do for him?

  19. Chamath is already right as he invested in bitcoin in 2012.

  20. this is fake news but ill watch it for laughs

  21. Even though BTC is down from it's all time high, it is still up from this time last year. I bought in at$1300, last May and it is still up 5x @ $7485. It is doing much better than any of my traditional paper investments.

  22. Buffet & CO still probably go through numerous secretaries that are sick of operating their email for them. WT# do they know about BTC?

  23. Chamath was wrong.. But he is still an all star..

  24. "Why not gold?" Because it's harder to move across borders…

  25. "You cannot teach an old dog new tricks", and Buffett and the other two old geezer are dinosaurs! When it comes to innovation I couldn't care less what these dinosaurs think, especially when they lose out big time by the rise of crypto currencies!

  26. Stop interrupting Chamath Palihapitiya and let him finish speaking and make his point! When it comes to Buffett – we all know you don't get old people to comment on technology I'm a Chamath disciple!

  27. Bitcoin will eventually become recognized as one of the biggest financial scams of all time.

  28. another fool who said bitcion will be 1 million a coin

  29. Chamath is wise and knowledgeable.Dont dismiss something because you dont understand it.