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Bitcoin Billionaire Chamath Palihapitiya Says Crypto Destroys Capitalism – And That’s Better for the World

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Bitcoin billionaire and venture capitalist Chamath Palihapitiya thinks that cryptocurrencies counter capitalism and could help create a better financial future for the world.

On a new episode of the All-In podcast, Palihapitiya makes the case for crypto assets and decentralized finance (DeFi), saying that crypto is already dramatically changing the way capital is allocated.

“It destroys capitalism. If you think about what capitalism is, it’s not just a return on investment, but it’s the tonnage of dollars. So anyone who’s a big investor here – you’re putting more and more dollars in for more and more dollars out.

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That’s the pressure. These guys are under enormous pressure to get tonnage of dollars through the system in a productive way. These guys are at the forefront.

But when you look at most of the projects on Solana [SOL], they’re seeded with a few million dollars, and these are $60-$80 billion market cap projects. And so, I don’t know how capitalism survives in that world.”

Palihapitiya says the autonomous nature of crypto assets, as well as crypto-based systems of governance that simply rely on code instead of human beings, are another game changer.

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Governance goes completely out the window. Because you’re essentially replacing a set of norms that we’ve all agreed to about what a company is. It’s an LLC or C-Corp that is incorporated with laws. There’s recourse for you, you can go to these places and sue them. Now it’s a DAO (decentralized autonomous organization).

It’s a bunch of rules written in a blockchain. ‘Here’s how it all works, here’s how I make my HR decisions. Here’s this, here’s that.’ And then you basically decompose everything into a service where it’s recursive. You cannot build with me unless you make yourself buildable to others.”

The end result, according to Palihapitiya, is a digital transformation that will reshape the nature of capitalism in a remarkably positive fashion.

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“When you add all these… things together, to me it’s the most incredibly, positively disruptive force we have seen. I think it will destroy wealth. I frankly couldn’t give a fuck and I think it’s better for the world.”

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Ethereum

Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses

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  • Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
  • 17% losses at one point were measured.
  • Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.

Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.

Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market

Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.

The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.

Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.

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Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.

ETH/USD Daily Ichimoku Chart

The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.

Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.

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Bitcoin

Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin

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A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

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If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

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Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

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At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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