Bitcoin Has Effectively Replaced Gold, Says Venture Capitalist Chamath Palihapitiya

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Bitcoin is a modern-day replacement for gold, venture capitalist Chamath Palihapitiya said in a television interview. Palihapitiya was being interviewed by CNBC news host Scott Wapner at the Delivering Alpha conference on September 29. When he was asked to predict how high could Bitcoin value shoot up to, Palihapitiya did not give a figure but instead answered that the cryptocurrency can dethrone gold.

“It’s very hard for me to give a price prediction, but I can pretty confidently say that Bitcoin has effectively replaced gold,” the 45-year-old venture capitalist said.

Palihapitiya’s statement comes just days after China imposed a blanket ban on crypto trading. China’s decision stirred a major…

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