Tech
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 recent critical comments on the digital currency from Bill 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 wrong about bitcoin, tech venture capitalist Chamath Palihapitiya said Wednesday.
“Not everybody is right all the time,” the former Facebook executive told CNBC’s “Squawk Box.” He said knowledge about technology is not in the Berkshire Hathaway chairman and CEO’s “circle of competence.”
Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Quick, saying the world’s largest cryptocurrency doesn’t produce anything except more buyers looking to make money by selling to new buyers. Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates, a Berkshire board member, slammed bitcoin as well.
Palihapitiya, who called himself a Buffett “disciple,” said he sees the cryptocurrency as a replacement to gold. “Something like bitcoin is really important,” Palihapitiya said, “because it is not correlated to the rest of the market.”
Palihapitiya added that he feels he is “in two different universes. I need a passport to go between the bitcoin world and the regular world.”
He said people like him who have owned the cryptocurrency since 2012 view it as a hedge to the “traditional financial infrastructure.” Whether that’s true or not is unclear, he added, “but that’s how we’ve all viewed it.”
It’s important to remember what happened during the financial crisis, Palihapitiya said. “Everything broke down” and “things that we thought were hedges went away.”
The cryptocurrency, which has faced heavy skepticism, was around $9,275 on Wednesday morning, according to industry site CoinDesk.
Over his four-year tenure at Facebook, which started in 2007, Palihapitiya served in various management roles, including vice president of user growth.
In December, Palihapitiya bashed social media, and by extension Facebook, for creating a society that confuses “popularity” with “truth.” He argued, “The tools that we have created today are starting to erode the social fabric of how society works.”
Facebook took issue with Palihapitiya’s remarks, saying in a statement that he hasn’t worked for the company for six years, and insisting that the company has undergone changes since then.
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@4lugan
January 2, 2024 at 7:43 pm
Btc IS NOT investing, it’s speculating.
@4lugan
January 2, 2024 at 7:43 pm
No. Buffet IS right!
@calvinminer4365
January 2, 2024 at 7:43 pm
Turns out Chamath was completely wrong saying Bitcoin isn't connected to the broader market and it is NOT a hedge, it's just down river from the stock market and a luxury investment. The host was right.
@glitch-pr3nr
January 2, 2024 at 7:43 pm
Do not follow a crowd to do harm.
@glitch-pr3nr
January 2, 2024 at 7:43 pm
You are avoiding taxes on these types of investments and laundering money for drug dealers whom don't pay taxes.
@glitch-pr3nr
January 2, 2024 at 7:43 pm
Just because it established itself and slipped under the radar of bank regulation and even if it may be flourishing now if the fdic doesnt insure it, if it is not backed like regulated banks it should be advised that is not an insured deposit, and that is what is so scumball about it. It is sleight of hand of investments because of the hedge that you, yourself mentioned. I think you are laundering money for all the drug dealers in the world.
@fullstack5461
January 2, 2024 at 7:43 pm
What are you going to exchange bitcoin for?
@fullstack5461
January 2, 2024 at 7:43 pm
Did you miss ATX?😂
@itszach8952
January 2, 2024 at 7:43 pm
Everybody here is like "That aged well" – Bitcoin is still up 3x since this interview over a 5 year window.. 3x returns is a 30 year play in the traditional markets
@BILLSCHMIDT49
January 2, 2024 at 7:43 pm
All Ponzi schemes come to an end, just like bitcoin did recently!
@farbulsk
January 2, 2024 at 7:43 pm
That didn't age well…
@SITO-TV
January 2, 2024 at 7:43 pm
Buffets on his way out , ofc he hates bitcoin cuz it will outlive him
@pauldewar626
January 2, 2024 at 7:43 pm
I’ve yet to hear any Crypto bull explain valuation. Without an estimate of value, how do you know whether to buy or sell?
@RichardRoy2
January 2, 2024 at 7:43 pm
Non-correlated hedge? They actually thought they were isolated from how people feel? It is claimed to be an untethered currency. Sorry, but you're never going to detach currency from trust. And if you try to detach a tool of interaction among members of society from the society, you're going to have something that has no value to the society that needs an element of attachment to each other. If it's an antisocial currency, it doesn't belong to a society. I can understand trying to establish some international means of trade, but you need to have international trust first. And that's just not there. YOu can often tell how little trust a society has in its government by how quickly it attempts to rid itself of the currency. Were it a countries crypto, it might have some modicum of security, but an untethered currency, in my view, is not the solution. I don't think we do ourselves any favours by trying to separate a key element to a social existence. A social existence is interaction. It is trade. It is trust. A society's currency is an expression of that trust. It is its governments obligation to secure that trust.
@satoshinakamoto3200
January 2, 2024 at 7:43 pm
Now what?
@turbodog99
January 2, 2024 at 7:43 pm
ALL crypto is 1) one math breakthrough 2) one cpu/chip breakthrough 3) one exchange collapse 4) one code error/math error/etc from being 1) stolen and 2) worthless.
@dan7373
January 2, 2024 at 7:43 pm
The same happened with e-mail when it arrived during the fax era. So many did not believe in it, so it was not regulated (not legally accepted) for a long time despite its advantages (digital letters, speed, multiple recipients). But those who understood the advantages, invested early and later became the tycoons of a new industry: email services, etc.
The established generations fear the word digital. They have a "need" to touch things.
Now it's the other way around: digital means better than concrete. It means speed, ubiquity, accessibility, globality, updatable, moveable, accessible from anywhere. This is evident for young people.
@jazzy7494
January 2, 2024 at 7:43 pm
Well at least he admitted that bit coins have no intrinsic value as an asset
@konabro515
January 2, 2024 at 7:43 pm
You should always listen to your elders.
@HamitKumru
January 2, 2024 at 7:43 pm
Now its coralated to market 🙂 and scam thing only went up
@TheTirado2
January 2, 2024 at 7:43 pm
How much money did this guy lose as of today because of crypto?
@Joey-ee7wp
January 2, 2024 at 7:43 pm
Chemack believed in Jesus but don’t believe in the Bible. Not that smart.
@scottmckenzie-hb1xj
January 2, 2024 at 7:43 pm
lol clowns
@vijitc1209
January 2, 2024 at 7:43 pm
Still think they are wrong? This guy the more I watch him is a grifter. Stick with Buffett and co. So many people think they are out of touch and live to regret it.
@harukrentz435
January 2, 2024 at 7:43 pm
@yujie1973
January 2, 2024 at 7:43 pm
I don't agree the price of Bitcoin will go up like what he said but i do agree he said Bill Gates, Warren Buffett don't understand and don't want to believe in new technology. Things do change.
@ernestodeavila8076
January 2, 2024 at 7:43 pm
did this age well?
@ThisGuyWithThatGuy
January 2, 2024 at 7:43 pm
Snake oil salesman trying to act he knows what’s up
@gezimsadiku435
January 2, 2024 at 7:43 pm
This is when Chamath earned my respect for life!
@tomjohnston3601
January 2, 2024 at 7:43 pm
Does it really help very much to put 1% of your investments into a hedge? That doesn't make sense to me. Crypto currencies are preying on the gullible and desperate.
@ThisGuyWithThatGuy
January 2, 2024 at 7:43 pm
And Judis was a disciple of Jesus!
@rakeshgoel515
January 2, 2024 at 7:43 pm
And the rest is history 😂😂😂😂
@menderiic0895
January 2, 2024 at 7:43 pm
Ftx collapse and his wrong about bitcoin. What a sham
@mathildeottele1320
January 2, 2024 at 7:43 pm
Still MY WORLD
SORRY
@venk777
January 2, 2024 at 7:43 pm
Chamath ..u r wrong. People will get screwed.
@thomasrogers9146
January 2, 2024 at 7:43 pm
I GUESS THE OLD FASHION GUYS WERE RIGHT ALL ALONG. TANGABLE ASSETS.
@bc9459
January 2, 2024 at 7:43 pm
Anyone with any sanity would trust Buffett and Munger rather than this little clown.
@cecilbatt11
January 2, 2024 at 7:43 pm
This didn't age well for the guy saying Bitcoin has intrinsic value. Nope. Wrong. Fool's gold.
@pa4765
January 2, 2024 at 7:43 pm
Bitcoin is a ponzy scheme. FTX. 'nuff' said.
@tomdallas3690
January 2, 2024 at 7:43 pm
This weirdo is one of the biggest frauds in financial history. As is CNBC.
@bananazone4048
January 2, 2024 at 7:43 pm
Now who is crying biatch
@defaultdefault812
January 2, 2024 at 7:43 pm
Didn't age well. BTC is correlated to the rest of the market.
@batiso
January 2, 2024 at 7:43 pm
Is he chamath??
@lorenzonjadu2522
January 2, 2024 at 7:43 pm
What is he saying now?
@stickyfox
January 2, 2024 at 7:43 pm
"Scumball activity" is one of the best terms I've ever heard for cryptocurrency.
@RB-wu4us
January 2, 2024 at 7:43 pm
Agreed
@Ukrainian__Patriot
January 2, 2024 at 7:43 pm
Bitcoin has no intrinsic value, unlike actual places of manufacture. Sorry, it's a non-starter.
@winiiawin89
January 2, 2024 at 7:43 pm
Art is non productive asset.