Bitcoin Is the Most Profound Iteration of the Internet, According to Chairman of Virgin Galactic

Billionaire and business tycoon Chamath Palihapitiya says that Bitcoin’s network is the best version of the internet we have today.

In a new interview with CNBC, the CEO of Virgin Galactic says that big tech players such as Google and Facebook have dominated the first two versions of the internet by creating and organizing much of what people interact with online.


But Palihapitiya, a former executive of Facebook himself, believes that Bitcoin (BTC) and other decentralized peer-to-peer cryptocurrencies can change that.

“[Web 3.0] is rebuilding all of that stuff without an obvious leader. It’s completely headless. It’s entirely peer-to-peer. And I think that that’s both scary and exhilarating.”

Palihapitiya also believes that Bitcoin is a great hedge against inflation and that it has “essentially replaced gold.”

“I’m very concerned about medium-term inflation. In an inflationary environment, in my very simplistic view of the world, I want to own three things: hypergrowth [assets]… cash-generative assets… and then I want to own non-correlated assets [such as BTC and Solana].”

Despite previously predicting that BTC could reach a price of over $200,000, Palihapitiya now says he doesn’t have a solid forecast for the token.

“It’s very hard for me sitting here to give you a price prediction, but I can pretty confidently say that Bitcoin, I think, has effectively replaced gold.

It will continue to do so. And so that market cap is just going to grow.”

Bitcoin is trading at $43,423 at time of writing, according to CoinGecko.

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Featured Image: Shutterstock/GrandeDuc/Andy Chipus

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