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Bitcoin has essentially taken the place of gold.

Bitcoin, according to Virgin Galactic’s super investor and CEO, has displaced gold. More information can be found here.

Chamath Palihapitiya, the chairman and CEO of Virgin Galactic, is a businessman from Sri Lanka. Also, he is the creator of Social Capital, which is a venture capital firm. And it’s working because Palihapitiya has become a billionaire as a result. He believes that Bitcoin’s “market capitalization will only continue to expand.” He has earlier projected that the digital currency will rise to $200,000 in value by 2020.

Bitcoin has taken the place of gold.

Palihapitiya: ‘I can confidently state that Bitcoin has effectively supplanted gold in terms of value.’ He made this statement during an interview with CNBC while attending the Delivering Alpha Conference in New York.

In response to a question about his price prediction, he stated on Wednesday: “It’s extremely difficult for me to sit here and give you a price prediction, but I can say with confidence that Bitcoin, I believe, has effectively supplanted gold.” It has done so and will continue to do so. As a result, the market capitalization will only continue to rise.

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He has been a major of the mint for a long time. The following is what he said last year: “I bought a lot of Bitcoins in 2013, and at one time I suppose I owned about 5 percent of all Bitcoins.” My starting point is approximately $80 per coin. “I didn’t buy anything else after that.” If you do the math, you’ll see that it’s a handsome profit.

Cryptocurrencies and decentralised finance (defi) are among the features of Web 3.0, whereas Google and Facebook dominated the prior two versions of the Internet, according to him. Following that, the chairman of Virgin Galactic stated, the next stage in the growth of the internet will be “rebuilding all of that stuff without a clear leader.””It’s utterly devoid of a head. It is entirely a peer-to-peer system. And I believe that is both frightening and exhilarating.”

In addition, he agrees with Musk that governments will not be able to destroy cryptographic assets because doing so is not technically feasible.

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