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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.

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“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.

If you want to read more about Bitcoin and why investor Chamath Palihapitiya thinks the end of Bitcoin and other cryptocurrencies is approaching an end, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the most important business news of the day so they can stay on top of the market.

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.

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(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.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Michael Jermaine Cards is a business executive and a financial journalist, with a focus on IT, innovation and transportation, as well as crypto and AI. He writes about robotics, automation, deep learning, multimodal transit, among others. He updates his readers on the latest market developments, tech and CBD stocks, and even the commodities industry. He does management consulting parallel to his writing, and has been based in Singapore for the past 15 years.