Home Crypto Billionaire Chamath Palihapitiya Says It’s Too Late for US To Ban Bitcoin...

Billionaire Chamath Palihapitiya Says It’s Too Late for US To Ban Bitcoin and Crypto

Billionaire investor and CEO of enterprise capital agency Social Capital, Chamath Palihapitiya, says the  US can not successfully ban Bitcoin and crypto.

In a brand new All-In Podcast interview, the previous Facebook govt says Bitcoin and the remainder of the crypto markets have change into too massive for the US authorities to place a stranglehold on the rising business.

“I believe that you may’t wipe $3 trillion of worth out of the world. So it’s right here to remain, and it’s too institutionalized now. There’s simply manner too many organized swimming pools of capital that are actually speculating within this whole ecosystem.

I noticed a tweet at the moment. There’s a agency known as Jump Trading. It’s like a high-speed frequency buying and selling group and they tweeted out some footage the place they employed a bunch of oldsters to begin a bounce and they did a coding bootcamp on Solana. That was their onboarding for example. So when you will have individuals in excessive finance actually vested on this factor and you will have $3 trillion of worth that can go to $6 trillion and then go to $10 trillion, this could’t go away. 

That’s why I believe Powell and Gensler needed to say some model of that on the file, which is we’re not going to ban these things as a result of they comprehend it’s not potential.” 

Earlier this month, Federal Reserve Chairman Jerome Powell stated that he has no plans to impose a ban on cryptocurrencies.

Less than every week later, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that his company has no intention to follow China’s blanket ban on digital property.

Chamath Palihapitiya is an early Bitcoin investor who bought a million BTC in 2010.

His enterprise capital agency, Social Capital, just lately participated in a $7.7 million seed funding spherical for Saber Labs, the developer behind Solana-based automated market maker Saber.

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Featured Image: Shutterstock/Tithi Luadthong

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