Billionaire entrepreneur and founder of the venture capital fund Social Capital, Chamath Palihapitiya, says Bitcoin investors should consider a change in strategy to give the leading cryptocurrency more mainstream appeal.
In a new interview with Real Vision, Palihapitiya calls BTC a hedge against the traditional financial infrastructure.
“We have to dial it down. If you want to see Bitcoin get to mass market scale, the most powerful thing that you can do is describe it in simple pragmatic terms that don’t require zealous belief…
Dial up pragmatist rhetoric – [that] is what will get your mother and your grandmother to have Bitcoin in their wallets.”
Palihapitiya says the current financial system is transitioning to a new phase and the banking industry will not encounter “some fatalistic deathblow.”
“We are seeing now the emergence of an entire class of fintech companies that are slowly eroding the value proposition of entrenched financial institutions. It will take another 10 or 20 years for us to see it happen in enough scale.”
Palihapitiya says he’s a believer in the digitization of the financial industry and expects a wide variety of tokens covering all aspects of the industry to emerge.
“[Tokenization is] the unit allocation of ownership of things that the companies will want to create to then pass on to its unit holders or stakeholders…
I could see a company… with a token that you can redeem for a free vaccination.”