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Billionaire Chamath Palihapitiya Says It Makes Sense for Countries to Hold Bitcoin in a Dual Currency Environment
Billionaire venture capitalist Chamath Palihapitiya says it would be a smart move for some countries to use Bitcoin (Bitcoin) along with your local currency.
In a new edition of the All-In Podcast, Palihapitiya says he recently spoke with Wences Casares – a Silicon Valley entrepreneur who introduced him to Bitcoin in 2010, when BTC was trading for around $80.
Palihapitiya says Casares explained a “powerful concept” that charts a path to mass adoption of BTC.
“When I talked to Wences about this, as he explained, what makes a lot of sense to me is that there are many countries that will never look at Bitcoin reliably, even if they support it. The US may be one of those, but there are a growing number of countries that will go dual currency and look at their local currency and then look at Bitcoin. They will say that both are necessary.
One when you make daily transactions of random goods and services and two when you need to buy a permanent asset that needs to have residual value, you will use something like BTC. And I think it’s a very powerful concept.”
The billionaire also says that Casares asked him to analyze Bitcoin’s performance after each halving, an event that cuts miners’ rewards in half. Palihapitiya shares a chart suggesting that BTC could skyrocket to close to $500,000 by October 2025 if Bitcoin repeats its performance from the last market cycle.
“And if you look at what this price chart might indicate is that if this thing starts to get to these valuation levels, it’s going to completely replace gold and start to become something that has transactional utility for hard assets. If you combine that with the concern that some people have about the dollar falling in value, you start to see some really interesting opportunities.”
Source: All-In Podcast/YouTube
At the time of writing, Bitcoin is trading for $67,886.
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