meet-facebooks-most-successful-alum-a-borderline-billionaire-who-owns-the-golden-state-warriors

Golden State Warriors Owner Tweets Digital Currency Coke vs. Pepsi Analogy

Chamath Palihapitiya, an owner of the Golden State Warriors professional basketball team, recently took to twitter to celebrate the digital currency Bitcoin.

“Reiterating my belief about $BTC,” the venture capitalist from Sri-Lanka (raised in Canada) tweeted. “It’s the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.”

When asked to compare Ethereum with Bitcoin by a fellow Twitter user, Mr. Palihapitiya replied: “Coke v Pepsi. Pick the more mainstream option that more people can easily consume. Both will make money but bigger is always better.”

Mr. Palihapitiya has told his friends it is “entirely rational to allocate one percent of your assets to Bitcoin.” It’s what he’s done.  

As Alan Silbert, founder of luxury Bitcoin marketplace BitPremier, correctly pointed out on Twitter, Mr. Palihapitiya has called Bitcoin “schmuck insurance.”

He wrote: “As the 2008 crisis proved, schmucks can cause world damage.”

 

It’s no secret that Mr. Palihapitiya, a former executive with Facebook, invests in bitcoins and is also one of the largest holders in the world alongside the Winklevoss Twins. The serial entrepreneur likes Bitcoin for its electronic, peer-to-peer nature.

“Bitcoin today is in roughly the same development phase that TCP/IP was back then,” he once wrote for Bloomberg. “Instead of IP addresses and websites, Bitcoin has unique strings that represent money and a mechanism to send these strings securely and safely wherever you want. It is a protocol that is allowing money to flow around the world much like TCP/IP allows information to flow — in an orderly, predictable way.”

In his support of Bitcoin, he underscores not bitcoin’s future, but the ways in which Bitcoin is working today.

“Bitcoin is being used all over the world in a wide range of ways already: to avoid the high fees of using a Visa card in San Paulo; to settle the purchase of a million dollar home in Buenos Aires; to pay a mechanic for services in Lagos; to provide Egyptians access to a liquid currency,” the Silicon Valley veteran wrote in the Bloomberg article that appeared in 2013. “The list goes on.”

It’s a diverse range of uses for the digital currency, he notes.

Because “the world needs more red pills”, he says, he hopes Bitcoin succeeds.

“There is a famous scene in the Matrix where Morpheus asks Neo if he wants to take the blue pill and go back to life as he knows it or take the red pill and see life as it is,” he once wrote about Bitcoin. “Neo takes the red pill and begins a period of exploration about humanity, hierarchy, rules, etc. Bitcoin is a red pill. There will be some bad and awkward moments, but lots of good, useful and powerful things will also ensue. It will reallocate financial strength and power to the people versus keeping it within a few centralized authorities.”

 

Facebook Comments

Leave A Comment