Bitcoin Billionaire Chamath Palihapitiya Says Crypto Destroys Capitalism – And That’s Better for the World
Bitcoin billionaire and venture capitalist Chamath Palihapitiya thinks that cryptocurrencies counter capitalism and could help create a better financial future for the world.
On a new episode of the All-In podcast, Palihapitiya makes the case for crypto assets and decentralized finance (DeFi), saying that crypto is already dramatically changing the way capital is allocated.
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“It destroys capitalism. If you think about what capitalism is, it’s not just a return on investment, but it’s the tonnage of dollars. So anyone who’s a big investor here – you’re putting more and more dollars in for more and more dollars out.
That’s the pressure. These guys are under enormous pressure to get tonnage of dollars through the system in a productive way. These guys are at the forefront.
But when you look at most of the projects on Solana [SOL], they’re seeded with a few million dollars, and these are $60-$80 billion market cap projects. And so, I don’t know how capitalism survives in that world.”
Palihapitiya says the autonomous nature of crypto assets, as well as crypto-based systems of governance that simply rely on code instead of human beings, are another game changer.
Governance goes completely out the window. Because you’re essentially replacing a set of norms that we’ve all agreed to about what a company is. It’s an LLC or C-Corp that is incorporated with laws. There’s recourse for you, you can go to these places and sue them. Now it’s a DAO (decentralized autonomous organization).
It’s a bunch of rules written in a blockchain. ‘Here’s how it all works, here’s how I make my HR decisions. Here’s this, here’s that.’ And then you basically decompose everything into a service where it’s recursive. You cannot build with me unless you make yourself buildable to others.”
The end result, according to Palihapitiya, is a digital transformation that will reshape the nature of capitalism in a remarkably positive fashion.
“When you add all these… things together, to me it’s the most incredibly, positively disruptive force we have seen. I think it will destroy wealth. I frankly couldn’t give a fuck and I think it’s better for the world.”
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Featured Image: Shutterstock/Liu zishan
Text source: MCC.EXCHANGE
