Tuesday, April 30, 2013

Fantastic! Big VC Says Bitcoin Is 'Gold 2.0. It's a Huge, Huge, Huge Deal'

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Think the recent collapse in Bitcoin’s value was the end of the experimental currency’s, um, currency? Not even close, says Chamath Palihapitiya, the longtime Facebook executive who now runs The Social + Capital Partnership.

Likening Bitcoin to the “red pill” from the movie “The Matrix,” which exposes those who take it to a hidden reality, Palihapitiya sounded as bullish as could be during a Q&A at TechCrunch Disrupt NY on Monday morning. “We are entering a complete world of uncharted water right now,” he said.

Palihapitiya went on:

I personally own Bitcoin in my hedge fun, I own Bitcoin in my fund, I own Bitcoin in my private account. It is a huge deal. It’s a huge, huge, huge deal. Because what you’re talking about right now is, for the next three to five years, an unbelievably better stored value. It is gold 2.0. Right? The value of gold that hedges the world economy, about $9 trillion, right? Thirteen hundred an ounce, of which only a hundred to a hundred and fifty dollars is the actual production value. So all the rest is imputed….

Well, guess what? I can do the same thing with Bitcoin only I can do it outside the purview of every single government. It’s being used everywhere you would think it would be used. Russia, Iran, Iraq, Egypt, Venezuela, Argenina. Everywhere you have currency pressure. Everywhere you want to basically shield your assets. And then, after that, it will probably become a payment mechanism. - http://www.forbes.com/sites/jeffbercovici/2013/04/29/big-vc-says-bitcoin-is-gold-2-0-its-a-huge-huge-huge-deal/

Bitcoin segment starts around 18:35.

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