Well Known Investor Says the End of Bitcoin Is Approaching
At the beginning of 2021, the investor predicted that Bitcoin would increase from the $39,000 price he was observing at the time to $100,000,000 and then to $200,000 for a single token. Cryptocurrencies have died in America. SEC chief blames cryptocurrencies even for the banking crisis already. All U.S. regulators have simultaneously directed guns at the digital currency market, Palihapitiya lists.
“Cryptocurrencies are dead,” says a famous investor who previously claimed that virtual tokens would replace gold. According to the expert, Bitcoin doesn’t stand a chance now, as regulators have taken a hard line on digital currencies.
Well-known technology investor Chamath Palihapitiya sees the future of cryptocurrencies in dark colors. Not long ago, the specialist was an incorrigible optimist on the issue, and now his approach has changed 180 degrees.
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The investor blames US regulators
Cryptocurrencies have died in America. [SEC chief Garry] Gensler blames cryptocurrencies even for the banking crisis already. All U.S. regulators have simultaneously directed guns at the digital currency market, Palihapitiya lists.
The SEC has indeed been looking more and more closely at the digital currency market recently. In turn, Gensler assessed that cryptocurrencies should be subject to the same provisions as the securities market.
Recently, the U.S. regulator even suggested that a couple of crypto companies and projects were selling unregistered securities under the law, which is punishable. In March, the note coming usually before a lawsuit was received by the Coinbase exchange. Cryptocurrency exchange platform Bittrex, meanwhile, is an unregistered exchange, according to the SEC.
“We are in the industry that most threaten the establishment. To be fair, it was cryptocurrency companies that pushed the [legal] boundaries the most of all types of startups. Now they are paying a high price for it,” Palihapitiya concluded.
Is Palihapitiya turning his back on cryptocurrencies?
It’s worth recalling how optimistic the investor was not so long ago. At the beginning of 2021, he predicted that Bitcoin would increase from the $39,000 price he was observing at the time to $100,000 and then to $200,000 for a single token.
“It will happen, we just don’t know at what time. In five years, maybe ten? But we are definitely headed there. Looking at everything that is happening now, people are starting to remember that our leaders today are not as trustworthy as they were years ago,” Palihapitiya said.
For a while, he was right because in November 2021 Bitcoin reached a record valuation of $69,000. But then the expert announced another controversial claim. – “In fact, Bitcoin has already replaced gold,” Palihapitiya maintained.
(Featured image by mohamed_hassan via Pixabay)
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First published in wprost, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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