Chamath Palihapitiya blamed US regulators for their recent crackdown on the US crypto industry and all players associated with it.
In the latest regulatory developments taking place in the US, famous tech investor Chamath Palihapitiya shared a very cautious move on crypto assets. Over the past few years, Palihapitiya has been sharing a bullish view of Bitcoin stating that it has replaced gold and that the price of BTC will rise to $200,000.
Chamath Palihapitiya and his opinion on cryptography
During the last interview on All in a podcast, the tech investor blamed the demise of cryptocurrencies on US regulators. Regulatory action in the US recently became more aggressive following the collapse of cryptocurrency exchange FTX in November 2022. Since then, the US SEC has been going under the hammer after SEC Chairman Gary Gensler stated that crypto companies must strictly comply with Securities laws.
Interestingly, during his recent testimony, Gary Gensler blamed cryptocurrencies as the reason behind the recent banking crisis. Of course, it has received backlash from the cryptocurrency community. “Even Gensler blames the banking crisis on cryptocurrencies,” Palihapitiya said. “The US authorities have firmly turned their weapons on cryptocurrencies.”
The Securities and Exchange Commission (SEC) has stepped up its enforcement of the cryptocurrency industry while claiming that most companies and projects were selling digital assets as unregistered securities. Earlier this year, the Securities and Exchange Commission proposed rules that would define which companies can hold clients’ digital assets. Referring to crypto companies facing a regulatory backlash, Palihapitiya said:
They were “probably the most threatening to the enterprise. And it was they who pushed the boundaries more than any other sector of the startup economy, in fairness to the regulators. Now they’re paying the price for it. The bill is due.”
Bitcoin at $200,000?
Chamath Palihapitiya is one such investor who has been extremely bullish about the long-term prospects of Bitcoin (BTC). Back in early 2021, just before the mega-race kicked off, Chamath said that the price of bitcoin would rise from $39,000 at the time, to $100,000 and then to $200,000.
However, he didn’t mention any specific timeline for himself, but added, “Five years, 10 years, but it goes there. And the reason is, every time you see all these things happening, it just reminds you, wow, our leaders are not trustworthy and can Rely on them as they used to be.”
By the end of 2021, when BTC was trading near an all-time high, Palihapitiya said that Bitcoin had effectively replaced gold.
In the latest development, banking giant Standard Chartered has indicated that the price of BTC could surge to $100,000, adding that the “crypto winter” is now over.
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Bhushan is a financial technology enthusiast with a good knack for understanding financial markets. His interest in economics and finance has turned his attention towards the new emerging Blockchain technology and Cryptocurrency markets. He is persistent in the learning process and keeps himself motivated by sharing the knowledge gained. In his spare time he reads fantasy and thriller novels and occasionally explores his culinary skills.