„It’s not Bitcoin that is replacing the US dollar – it’s a stablecoin.“

The Bloomberg news channel recently interviewed Chamath Palihapitiya, CEO of Social Capital. Among other things, the venture capitalist claimed that Bitcoin was triggering a revolution that would expose many weaknesses in the current financial system.

On February 12, 2021, Bloomberg published the interview on its official YouTube channel

In the course of the conversation, Palihapitiya put forward the thesis that the financial structure will shift with the increasing importance of Bitcoin. In the same breath he asks what will eventually replace the US dollar:

I think Bitcoin is very important because it simply shows the fragility of traditional financial infrastructure. Just looking at the amount and size of the M2 money supply as an example, the real question we should be asking ourselves is, ‚Okay, if Bitcoin becomes a de facto world reserve currency that basically displaces gold, which will then replace the US -Dollar?

The answer to the question of what will replace the US dollar is quickly found for Palihapitiya: “It is not Bitcoin that is replacing the US dollar. It’s a stablecoin. “ In his opinion, companies that own digital tokens have completely different, unprecedented financial opportunities. First and foremost, progress would be noticeable in so-called developing countries, as these have a less robust financial services infrastructure. Countries like the USA would be less affected by this:

But if you look at the developing world and a market that has some form of currency manipulation or currency instability, then that is the future.

Bitcoin investor Palihapitiya faces criticism

In the comments section of the video, however, Palihapitiya’s statements met with little approval. One user commented the following:

This guy is a scammer who claims to be on the “little man’s” side.

Another user even goes a step further and claims that the millionaire should be in jail. In January of this year, the Bitcoin investor applied for the office of governor of California. In an interview he described Bitcoin as a security against the fluctuations of the regulated market. BTC ECHO reported .

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