“Nobody Can Stop Bitcoin”

     Venture capitalist and Facebook millionaire Chamath Palihapitiya is a well-known bitcoin investor, who’s previously publicly announced his belief in the cryptocurrency. The venture capitalist, who was an early member of the Facebook team and owns the Golden State Warriors, told Bloomberg, as early as 2013, that he was investing in bitcoin because of the promise of the technology. In late 2013, as covered by CCN, it was revealed that he owned $5 million worth of the cryptocurrency, and planned on purchasing more.

     Recently, in an interview with CNBC at the Delivering Alpha conference, Palihapitiya revealed that he is still confident when it comes to tech stocks in general, and in bitcoin. The venture capitalist notably stated that bitcoin can’t be controlled by an individual or organization. He said: “Nobody can stop it because nobody can control it. The idea that the government can put curbs on this is actually pretty specious.”

     When asked if the if the IRS could one day take 50% of bitcoin’s market cap just by trying to get involved and control where the money is going, who is sending it, and who is receiving it, the venture capitalist stated that the answer to the question could only be given if there was a place to go to ask it. Palihapitiya further added that bitcoin isn’t a company or an entity controlled by a few people.

     He further added that the cryptocurrency is uncontrollable and stated that, rather than debate how bitcoin is doing, or its use for nefarious purposes, the discussion should revolve around how to put it to better use.

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Written by Brad Chillum

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