Palihapitiya „It’s not bitcoin that’s replacing the US dollar.“

„It’s not Bitcoin that’s replacing the US dollar – it’s a stablecoin.“

Recently, the news channel Bloomberg conducted an interview with Chamath Palihapitiya, the CEO of Social Capital. Among other things, the venture capitalist claimed that Bitcoin Champion is sparking a revolution that exposes many flaws in the current financial system.

On 12 February 2021, Bloomberg published the interview on its official YouTube channel. In the course of the interview, Palihapitiya posited that the financial structure will shift as Bitcoin becomes more important. In the same breath, he asks what will eventually replace the US dollar:

I think Bitcoin is very important because it simply shows the fragility of the traditional financial infrastructure. If you just look at the amount and the size of the M2 money supply as an example, the real question we should be asking is: ‚Okay, if Bitcoin becomes a de facto world reserve currency, basically displacing gold, what will replace the US dollar?‘

The answer to the question of what will replace the US dollar is quickly found for Palihapitiya: „It is not Bitcoin that will replace the US dollar. It’s a stablecoin.“ In his opinion, companies that own digital tokens would have completely different, unprecedented financial opportunities. Primarily, he said, advances would be felt in so-called developing countries, as they have less robust financial services infrastructure. Countries like the US would feel this less:

‚But if you look at developing countries and a market where there is some form of currency manipulation or currency instability, that’s the future.

Bitcoin investor Palihapitiya faces criticism

Meanwhile, in the comments column of the video, Palihapitiya’s statements are met with little approval. One user commented as follows:

This guy is a fraud who claims to be on the side of the „little man“.

Another user even goes one step further and claims that the millionaire should be in prison. In January this year, the Bitcoin investor had run for the office of governor of California. In an interview, he described Bitcoin as a security against the fluctuations of the regulated market. BTC ECHO reported.