Chamath Palihapitiya: Why Bitcoin Will Be ‘the Category Winner’ – Ep.178

Chamath Palihapitiya, the CEO of Social Capital and chairman of Virgin Galactic, talks about a wide range of issues, including Bitcoin, COVID, civil unrest, and broad economic trends and forecasts. We discuss:

• Whether his economic forecasts have shifted throughout COVID
• Why he believes a debt crisis will occur
• How he views the success of BTC as a hedge against the ruling class
• How the economic pendulum will swing back toward consumers
• Why he doesn’t mind if big corporations and hedge funds get wiped out
• Whether he subscribes to the thesis that Bitcoin is uncorrelated 
• Why the pandemic has not spurred institutional adoption of crypto
• Why he sees no merit in Ethereum
• How the economy will become more decentralized in the future and whether blockchain will be a part of it 
• Why he prefers SPACs over ICOs
• Why he started capital as a service 
• Why he believes the government should bust up large corporations

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Episode links: 

Chamath Palihapitiya: https://twitter.com/chamath

Social Capital: https://www.socialcapital.com/

Turmoil at Social Capital: https://www.theinformation.com/articles/social-capital-founder-gives-his-account-of-turmoil-at-firm

https://observer.com/2018/09/chamath-palihapitiya-social-capital-turmoil/

https://medium.com/@chamath/the-reports-of-our-death-have-been-greatly-exaggerated-11bcc80ee4ab

2019 interview with Kara Swisher: https://www.vox.com/podcasts/2019/3/4/18247010/chamath-palihapitiya-social-capital-happiness-identity-crisis-kara-swisher-teddy-schleifer-podcast

Chamath on Recode Decode in 2020: https://podcastnotes.org/recode-decode/chamath-palihapitiya-kara-swisher-investing/

Fed buying up to $250 billion in individual corporate bonds: https://markets.businessinsider.com/news/stocks/federal-reserve-begins-individual-corporate-bond-purchases-secondary-market-relief-2020-6-1029309910

CNBC interview where he says Bitcoin is an uncorrelated hedge: https://www.youtube.com/watch?v=-2gDmcU8bDw 

https://www.cnbc.com/video/2017/12/12/social-capitals-palihapitiya-bitcoin-is-going-to-1-million-in-the-next-20-years.html

SPAC: https://www.wsj.com/articles/the-modern-ipo-is-useless-lets-reinvent-it-1506361770?mod=searchresults&page=2&pos=13

China’s blockchain efforts: https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects

Capital as a service: 

https://caas.socialcapital.com 

https://medium.com/social-capital/from-experiment-to-product-capital-as-a-service-one-year-later-6d8b4b9c038b

2019 investor letter: https://www.socialcapital.com/annual-letters/2019

At Stanford GSB: https://www.youtube.com/watch?v=PMotykw0SIk

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