Bitcoin Has Effectively Replaced Gold, Says Venture Capitalist Chamath Palihapitiya

Bitcoin is a modern-day replacement for gold, venture capitalist Chamath Palihapitiya said in a television interview. Palihapitiya was being interviewed by CNBC news host Scott Wapner at the Delivering Alpha conference on September 29. When he was asked to predict how high could Bitcoin value shoot up to, Palihapitiya did not give a figure but instead answered that the cryptocurrency can dethrone gold.

"It's very hard for me to give a price prediction, but I can pretty confidently say that Bitcoin has effectively replaced gold," the 45-year-old venture capitalist said.

Palihapitiya's statement comes just days after China imposed a blanket ban on crypto trading. China's decision stirred a major upheaval in the crypto market.

Despite witnessing minor dips in the value for two days in a row, Bitcoin price rose again on Thursday, September 30. This morning, the cryptocurrency began trading at Rs. 34,28,765 (roughly $46,116), as per the Gadgets 360 crypto tracker.

According to a research report by Furtune Business Insights, the global cryptocurrency market is projected to reach $1,758 million by 2027.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.