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Billionaire Chamath Palihapitiya Explains It’s Too Late for US To Ban Bitcoin

Chamath Palihapitiya is Billionaire investor and CEO of venture capital firm Social Capital.
More so, Chamath notes that the US can no longer ban Bitcoin and crypto efficiently.

Furthermore, Chamath notes this during a new All-In Podcast interview. The billionaire explains that Bitcoin and crypto space is now too big for the US Government to ban.

“I think that you can’t wipe $3 trillion of value out of the world…”
“So it’s here to stay, and it’s too institutionalized now. There’s just way too many organized…”

“pools of capital that are now speculating inside of this entire ecosystem…”
Chamath continues,
“I saw a tweet today. There’s a firm called Jump Trading. It’s like a high-speed frequency…”
“trading organization and they tweeted out some pictures where they hired…”
Chamath adds further,
“a bunch of folks to start a jump and they did a coding bootcamp on Solana…”
“That was their onboarding as an example. So when you have people in high finance…”
“really vested in this thing and you have $3 trillion of value that will go to $6 trillion…”

Chamath highlights,
“and then go to $10 trillion, this can’t go away. That’s why I think Powell and Gensler…”
“had to say some version of that on the record, which is we’re not going…”
“to ban this stuff because they know it’s not possible.”

Chamath and Chairman Jerome Powell

Furthermore, Federal Reserve Chairman Jerome Powell already stands on same grounds with Chamath. Earlier this month, he says that he has no plans to impose a ban on cryptocurrencies.

More so, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler also says there’s no intention to follow China’s crypto ban.

Notably, Chamath Palihapitiya is a Bitcoin investor who, buying one million BTC in 2010.

His venture capital firm, Social Capital, recently participated in a $7.7 million seed funding round for Saber Labs, the developer behind Solana-based automated market maker Saber.

Photo credit – Bloomberg

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