Social Capital founder reiterates his prediction for Bitcoin to hit $1 million

Social Capital’s founder and Golden State Warriors co-founder Chamath Palihapitiya told CNBC today that he thinks Bitcoin will reach $1 million. The famous name, known to have invested in 2012, stated that he thinks that the price of Bitcoin will increase massively in the next 20 years, as Bitcoin finds more and more place in our lives every day.

Palihapitiya: “Comparable to the value of gold.”

Reiterating his $1 million estimate, Palihapitiya explained his estimation based on Bitcoin’s valuation as a store of value comparable to gold: Bitcoin, which is the opposite of the banking infrastructure, has the potential to be compared to the value of gold. I think Bitcoin will exceed 100 thousand dollars in the next 3-4 years and 1 million dollars in 20 years.

“Bitcoin is a precaution for traditional banking.”

According to Palihapitiya, the main argument is that Bitcoin offers a countermeasure against the major problems caused by the existing banking infrastructure.

If the banking structure fails, Bitcoin basically disconnects from the existing platform. Palihapitiya’s final recommendation is to invest at least one percent of your entire assets in Bitcoin. He says maybe this could save us all.

cointelegraph