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Chamath Palihapitiya: I Am A Buffett 'Disciple' But He's Wrong About Bitcoin | CNBC


Chamath Palihapitiya, Social Capital founder and CEO, discusses his outlook on bitcoin and up to date crucial feedback on the digital forex from Bill Gates and Warren Buffett. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC

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Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC

Billionaire investor Warren Buffett is mistaken about bitcoin, tech enterprise capitalist Chamath Palihapitiya mentioned Wednesday.

“Not everybody is right all the time,” the previous Facebook government instructed CNBC’s “Squawk Box.” He mentioned information about know-how just isn’t within the Berkshire Hathaway chairman and CEO’s “circle of competence.”

Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Quick, saying the world’s largest cryptocurrency would not produce something besides extra patrons trying to make cash by promoting to new patrons. Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates, a Berkshire board member, slammed bitcoin as effectively.

Palihapitiya, who referred to as himself a Buffett “disciple,” mentioned he sees the cryptocurrency as a alternative to gold. “Something like bitcoin is actually essential,” Palihapitiya mentioned, “because it is not correlated to the rest of the market.”

Palihapitiya added that he feels he’s “in two completely different universes. I would like a passport to go between the bitcoin world and the common world.”

He mentioned individuals like him who’ve owned the cryptocurrency since 2012 view it as a hedge to the “traditional financial infrastructure.” Whether that is true or not is unclear, he added, “but that’s how we’ve all viewed it.”

It’s essential to recollect what occurred through the monetary disaster, Palihapitiya mentioned. “Everything broke down” and “things that we thought were hedges went away.”

The cryptocurrency, which has confronted heavy skepticism, was round $9,275 on Wednesday morning, based on trade website CoinDesk.

Over his four-year tenure at Facebook, which began in 2007, Palihapitiya served in numerous administration roles, together with vice chairman of person progress.

In December, Palihapitiya bashed social media, and by extension Facebook, for making a society that confuses “popularity” with “truth.” He argued, “The tools that we have created today are starting to erode the social fabric of how society works.”

Facebook took difficulty with Palihapitiya’s remarks, saying in a press release that he hasn’t labored for the corporate for six years, and insisting that the corporate has undergone modifications since then.

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