Chamath Palihapitiya – My Updated View On Bitcoin And The Crypto Market

Chamath Palihapitiya – My Updated View On Bitcoin And The Crypto Market

In his all-in Podcast, Chamath Palihapitiya continued to express his concern for what’s to come with the exchanges in crypto. The first half of 2022 has seen a lot of bleeding across the crypto market, with virtually all top tokens, including bitcoin and ether, losing more than half of their value since January. Booms and busts are normal, as other assets across the board have seen a decline due to the economic downturn. But what’s been more concerning in the crypto space has been the downfall of exchanges and seeing what’s behind the curtain with their structure. We first saw Terra Luna collapse, then we saw Celcius look vulnerable, and now, FTX Founder and CEO Sam Bankman-Fried has come forward and said many exchanges are ‘secretly insolvent’. Bankman-Fried, who is ranked 60th on the 2022 Forbes billionaires list with a net worth of US$24 billion, is playing the role of a modern-day J.P. Morgan, who legendarily bailed out the unregulated banking system in the panic of 1907, which later lead to the creation of the federal reserve. Bankman-Fried injected capital into BlockFi and Voyager Digital, with reports that he is now buying the former. With all this said, Chamath believes all of this bailout and broken promises by exchanges will cause massive regulation, to the point where he believes crypto will be the most regulated sector in the market. Many crypto enthusiasts are dead set against regulation, but Chamath believes once regulation happens, there will be stability and growth in the market.

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Credit: All-In Podcast
E85: SBF’s crypto bailout, Zendesk sells for ~$10B, buyout targets, US diplomacy, AlphaFold & more

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