- US billionaire Chamath Palihapitiya has called on other countries beyond the US to explore owning Bitcoin in a dual currency setup with their national currencies.
- He believes that if it continues in its current trajectory, it could replace gold as and that if it adheres to the post-halving price cycle, it will hit $360,000 by April next year.
The US has been wielding its dollar as a tool for global domination for decades, using it to secure its position as the world’s superpower. If any other country wants to break free of this greenback monopoly, it must explore Bitcoin alongside its national currency in a dual-currency setup, says tech billionaire Chamath Palihapitiya.
Palihapitiya discussed Bitcoin in the latest episode of the All In podcast, which he co-hosts with three of his Silicon Valley friends, including early Uber and Facebook investor David Sacks.
According to the billionaire, there are some countries, like the US, to whom Bitcoin will always remain an outcast, regardless of how high its price goes or how mainstream it gets, as it goes against established legacy institutions. However, an increasing number of countries are heading the dual-currency route.
These countries “will look at their local currency, and then they will look at Bitcoin. They will say both of these two things are needed.”
Palihapitiya added:
One, when you’re transacting on a daily basis for random goods and services, and two, when you need to buy a permanent asset that needs to have residual value, you’ll use something like BTC. And I think that’s a very powerful concept.
This concept isn’t new. Some of America’s biggest rivals, including Russia and Iran, have been reported to be looking at Bitcoin and stablecoins as an alternative for global trade as they strive to dump the USD, as Crypto News Flash has reported. They have also explored CBDCs, with China leading the way with its digital yuan.
Billionaire Predicts Bitcoin to Hit $1.1 Million
Palihapitiya also delved into the Bitcoin price analysis, predicting that the top crypto will surge over the next 18 months to surpass $1 million.
At press time, BTC trades just over $69,000, gaining 2.2% in the past day as trading volume shot up 120% after a weekend slump to hit $24.3 billion.
However, the billionaire says the top crypto is only getting started. He analysed the last three post-halving cycles, which all sparked sharp price spikes in the 18 months that followed. The first halving produced outsized spikes, which BTC is unlikely to ever replicate. Focusing on the other two events gives a better approximation of Bitcoin’s expected price action.
By averaging the percentage gains on the two most recent cycles, Palihapitiya projected that BTC will hit $99,643 by mid-October, six months after the halving. By mid-January, or nine months after the halving, BTC will surpass $238,000 and, by April, will be trading at $362,000. If it follows this pattern, the top crypto will be trading at $1.14 by the end of 18 months.
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