Chamath Palihapitiya: Bitcoin Is No Longer Optional

Financial institutions working with Bitcoin or corporations holding Bitcoin as a reserve asset is no longer optional, according to billionaire Chamath Palihapitiya.

The billionaire, Social Capital CEO tweeted in response to PayPal’s announcement that it would start facilitating buying, selling and spending Bitcoin within its network.

Palihapitiya, a well-known Bitcoiner who famously called it ‘schmuck insurance’ back in 2015, has become even more bullish of late.

Back then the he said Bitcoin was ‘the single best hedge against the traditional financial infrastructure.’ And the billionaire Bitcoiner has recently been upping his bullish sentiment in several interviews discussing the bullish case for Bitcoin.

The Virgin Galactic chairman is now cutting no corners in his belief where Bitcoin is heading.

‘After PayPal‘s news, every major bank is having a meeting about how to support bitcoin,’ said Palihapitiya. ‘It’s no longer optional…’

PayPal Is Launching Crypto Services

PayPal announced last week that it was launching a cryptocurrency service. It will allow users to buy and sell leading cryptocurrencies Bitcoin, Ethereum, Litecoin and BCash.

PayPal users will also be able to pay for goods at PayPal’s 26 million registered merchants. The payments giant has said that all payments made with cryptocurrencies will be exchanged into the merchant’s local currency.

While the news about PayPal is bullish for Bitcoin, it has been met with scepticism from many in the Bitcoin space. Read More

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