Social Capital’s CEO Chamath Palihapitiya Reveals ‘Big Bet’ Bitcoin Investment During Investor Call
The company CEO Chamath Palihapitiya, who is a bitcoin proponent, revealed last week that the company invested in Bitcoin seven years back when the price of BTC ranged between $13 to $1,200.
Today, Bitcoin is trading above $10,400.
In the Sept. 15 call, while talking about the company's aim to “partner with iconic technology companies,” and the plan to take Opendoor public, Chamath likened his latest bet with that of Bitcoin, which belongs to the same category as Tesla and Amazon.
“I believe in this the same way that I believed in some of our other big bets that we’ve made, whether it was Bitcoin in 2013, Amazon in 2015, Tesla in 2016, and Virgin Galactic in 2019. We really try to find companies that we think are run by exceptional leaders with great asymmetric upside, which can 10x in 10 years.”
With Social Capital looking to raise $2 billion for three new blank cheque companies and even planning to go public itself to become the “Warren Buffett of tech investing,” it would be the first publicly-traded company of significant market value to invest in the leading cryptocurrency.
This isn’t the first time Chamath has talked about investing in the undisclosed amount of Bitcoin, but he hasn’t clarified if it was a private or fund investment.
A minority stakeholder at the Golden State Warriors and chairman of Virgin Galactic, he also worked as a senior vice president of Facebook from 2007 to 2011.
Earlier this year, he called bitcoin a “fantastic hedge” and advised that “everybody should have 1% of their assets in bitcoin.” He had shared in a separate interview that he bought “a lot” of BTC in 2013 and, at one point, had “almost 5% of all the bitcoin.”
Chamath has called the flagship cryptocurrency a “schmuck insurance” which will “protect our wealth” because it is an uncorrelated hedge to the government’s decision-making.
According to him, the gold 2.0 “is either zero or it's millions.”