Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC

Chamath Palihapitiya, Social Capital founder and CEO, discusses his outlook on bitcoin and recent critical comments on the digital currency from Bill Gates and Warren Buffett.
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Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC

Billionaire investor Warren Buffett is wrong about bitcoin, tech venture capitalist Chamath Palihapitiya said Wednesday.

“Not everybody is right all the time,” the former Facebook executive told CNBC’s “Squawk Box.” He said knowledge about technology is not in the Berkshire Hathaway chairman and CEO’s “circle of competence.”

Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Quick, saying the world’s largest cryptocurrency doesn’t produce anything except more buyers looking to make money by selling to new buyers. Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates, a Berkshire board member, slammed bitcoin as well.

Palihapitiya, who called himself a Buffett “disciple,” said he sees the cryptocurrency as a replacement to gold. “Something like bitcoin is really important,” Palihapitiya said, “because it is not correlated to the rest of the market.”

Palihapitiya added that he feels he is “in two different universes. I need a passport to go between the bitcoin world and the regular world.”

He said people like him who have owned the cryptocurrency since 2012 view it as a hedge to the “traditional financial infrastructure.” Whether that’s true or not is unclear, he added, “but that’s how we’ve all viewed it.”

It’s important to remember what happened during the financial crisis, Palihapitiya said. “Everything broke down” and “things that we thought were hedges went away.”

The cryptocurrency, which has faced heavy skepticism, was around $9,275 on Wednesday morning, according to industry site CoinDesk.

Over his four-year tenure at Facebook, which started in 2007, Palihapitiya served in various management roles, including vice president of user growth.

In December, Palihapitiya bashed social media, and by extension Facebook, for creating a society that confuses “popularity” with “truth.” He argued, “The tools that we have created today are starting to erode the social fabric of how society works.”

Facebook took issue with Palihapitiya’s remarks, saying in a statement that he hasn’t worked for the company for six years, and insisting that the company has undergone changes since then.


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38 Thoughts to “Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC”

  1. Ouch Chamath basically said “they’re wrong cuz they’re old”…. somebody needs to give him a chamaat ?

  2. Let him finish a sentence…

  3. Talk fast, sound smart, but content is not convincing. “New generation wants something digital. Something that represents their value.” Are you kidding?

  4. If I had multi-billions I would be against bitcoin too. All these guys that hate bitcoin that are super rich secretly own a lot of it; They are scared of it.

  5. There’s a lot of scam in cryptos. Oh really ! You think no scams own fiat currencies or stocks?! You think ? drug cartels do not have US dollars? When Sadam Hussein was captured, he had bundles of fiat US dollars. Give me a break.

  6. Chamath is wise and knowledgeable.Dont dismiss something because you dont understand it.

  7. another fool who said bitcion will be 1 million a coin

  8. Bitcoin will eventually become recognized as one of the biggest financial scams of all time.

  9. Stop interrupting Chamath Palihapitiya and let him finish speaking and make his point! When it comes to Buffett – we all know you don't get old people to comment on technology I'm a Chamath disciple!

  10. "You cannot teach an old dog new tricks", and Buffett and the other two old geezer are dinosaurs! When it comes to innovation I couldn't care less what these dinosaurs think, especially when they lose out big time by the rise of crypto currencies!

  11. "Why not gold?" Because it's harder to move across borders…

  12. Chamath was wrong.. But he is still an all star..

  13. Buffet & CO still probably go through numerous secretaries that are sick of operating their email for them. WT# do they know about BTC?

  14. Even though BTC is down from it's all time high, it is still up from this time last year. I bought in at$1300, last May and it is still up 5x @ $7485. It is doing much better than any of my traditional paper investments.

  15. this is fake news but ill watch it for laughs

  16. Chamath is already right as he invested in bitcoin in 2012.

  17. He was WRONG on Hillary too ! Remember how he followed her around the campaign trail like a lost puppy dreaming about all that she could do for him?

  18. Scum??? You mean the people who almost crashed the whole world financial market? Left an entire generation without perspective? Yeah those people…

  19. Wasn't a very complete or good explanation of why Bitcoin is a great asset. Non-correlated, fine. But the point Buffett makes is still true. Blockchain has a lot of potential, but Bitcoin is unlikely to be a currency going forward, but can be a great means of payment, transactions, etc.

  20. 4:10 the host almost said THE MEDIA has provoked speculation in bitcoin but he catches himself

  21. WOW! they are being paid to suppress this technology

  22. when official media slams Bitcoin = it's time to buy buy buy!!!

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