Early Bitcoin Tech Investor Turns Bearish, Warns BTC Could Be Hacked To Zero
BTC when published $80,053Now $80,595 ▲ +0.68% since it was published
Tech investor Chamath Palihapitiya, once a loud Bitcoin bull, now says the asset is capped and will eventually be hacked and fall to zero. Few voices in tech investing carry the reach of Palihapitiya, the Social Capital founder who co-hosts the All-In Podcast with David Sacks, David Friedberg and Jason Calacanis. Speaking on the Moonshots podcast with Peter Diamandis, he described bitcoin as a dead end: limited in how far it can climb, and ultimately vulnerable to a hack that sends it to nothing. The reversal is stark. In December 2017 he forecast $100,000 per coin by around 2020, a target bitcoin needed four extra years to hit. He later floated $1 million by 2040, pitching the asset as protection against currency debasement and geopolitical turmoil.
First reported by Bitcoinist. This page is a short excerpt; the full text is theirs.
