Bitcoin Is Here to Stay
Despite the recent collapse in Bitcoin’s value, Chamath Palihapitiya, the longtime Facebook executive who runs The Social and Capital Partnership, says that the electronic currency is here to stay.
Palihapitiya said that Bitcoin was like the red pill from the film The Matrix which exposes those who take it to a hidden reality. He said that “We are entering a complete world of uncharted water right now.”
Palihapitiya went on to say that he owns a substantial amount of Bitcoin and that Bitcoin offers “for the next three to five years, an unbelievably better stored value. It is gold 2.0.” He explained that the value of the gold behind the world economy is about $9 trillion, $1300 an ounce of which only $100 to $150 is the actual production value and the rest is imputed.
Palihapitiya believes that the same thing can happen with Bitcoin but without the influence of government. Already it is being used in countries where there is currency pressure and people wish to shield their assets and it isn’t long before it becomes a serious payment system.
At Paddy Power you can even get odds of 12/1 that Bitcoin will be the official currency of a country by the end of 2017.