Chamath Palihapitiya, a Bitcoin billionaire and venture entrepreneur, believes that cryptocurrencies might help create a better financial future for the globe.
Palihapitiya makes the case for crypto assets and decentralised finance (DeFi) in a new episode of the All-In podcast, claiming that crypto is already radically changing the way wealth is allocated.
“It destroys capitalism. When you think about what capitalism is, it’s not just a return on investment; it’s the tonnage of dollars. So, anyone who is a big investor here, you’re putting more and more money in for more and more money out.
That is the pressure. These guys are under tremendous pressure to move a large amount of money through the system in a productive manner. These guys are at the forefront.
However, most of the projects on Solana [SOL] are seeded with a few million dollars, despite the fact that these are $60-$80 billion market cap projects. So I’m not sure how capitalism can survive in that world.”
Another game changer, according to Palihapitiya, is the autonomous nature of crypto assets, as well as crypto-based governance systems that rely solely on code rather than humans.
According to Palihapitiya, the end result will be a digital transformation that will reshape the nature of capitalism in a remarkably positive way.