Chamath Palihapitiya, a Tech billionaire, has a far more cautious outlook on cryptocurrencies today than he had two years ago when he said that bitcoin has replaced gold and forecasted that it will rise to $200,000 in value.
In the most recent episode of the All-In podcast, Palihapitiya declared that “crypto is dead in America.”
Palihapitiya’s remark was in response to the report that cryptocurrency exchange Coinbase is now considering a move offshore. The chairman of the U.S. Securities Exchange Commission, Gary Gensler, was singled out for criticism by the speaker:
“Crypto is dead in America. I mean now you have Gensler even blaming the banking crisis on crypto — so the United States authorities have firmly pointed their guns at crypto.”
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One of the show’s co-hosts, David Sacks, claimed that the US may be trying to suppress cryptocurrency since it threatens the dominance of the US dollar:
“I think it’s probably not a coincidence that you’re seeing all these concerns about de-dollarization at the same time they’re cracking down on crypto.”
However, Sacks hinted that the overall effect would be bad because moving cryptocurrency companies overseas would be “terrible for American innovation.”