Venture capitalist, Chamath of Palihapitiya who calls himself a “disciple” of Warren Buffett and Charles Munger, said in the Squawk Box of the CNBC channel that his “mentors” not right in his very negative assessment of bitcoin and the technology is clearly not included within the scope of their competencies.
“Not all of us is always right. I must admit that we all have our own bias. I’m a student (Warren) buffet and (Charles) manger, and over the years, they said, which I agree that we need to define its sphere of competence and stay within it. And I think it is obvious that technology is not included in the scope of their competence”, — said Palihapitiya.
We will note, earlier the head of Berkshire Hathaway and legendary investor Warren Buffett in an interview to the same channel CNBC said that bitcoin is “rat poison in the square.”
In addition, Buffett began to criticize cryptocurrency in October last year, when he called bitcoin a “real bubble.” He also stressed that industry after some time will collapse, and recently said that buying bitcoins is rather a gamble than an investment.
In turn, Palihapitiya sure that bitcoin will replace gold.
“Something like bitcoin is very important because it is not correlated with the rest of the market. Sometimes it seems like I’m two different universes — you need a passport to travel between the bitcoin world and the ordinary world”, he added.
Palihapitiya also noted that he and other people who purchased the cryptocurrency since 2012, considering it as “a hedge for traditional financial infrastructure.” According to him, it is unknown whether this is true, but they are all “just so it can see”.
“It’s important to remember what happened during the financial crisis. Everything collapsed and things, all of which were considered hedges, and disappeared”, — reminded Palihapitiya.
In the past, venture capitalist worked for four years at Facebook — from 2007 he held several management positions, including Vice President for expanding our user base.
In December of last year Palihapitiya criticized social media for the creation of a society which confuses the concept of “popularity” and “truth.”
“The tools that we have created, begin to destroy the social principles of the functioning of society”, — he said then.
In response, representatives of Facebook were quick to remind that Palihapitiya for six years not working in the company, and also said that since then, the world’s largest social network has undergone several changes.
Earlier, the co-founder and largest shareholder of Microsoft, bill gates said that if I could, I definitely would have bet against bitcoin, calling the cryptocurrency one of the most speculative things in the world. With gates in a live CNBC appeared the head of Berkshire Hathaway Warren Buffett and Vice-President of the conglomerate Charlie Munger.