Bitcoin’s Price will Attain $200k, Says Venture Capitalist Chamath Palihapitiya

Bitcoin has had enormous success since the beginning of 2021 as it has claimed $40,000. Famous venture capitalist Chamath Palihapitiya claimed in his recent interview that the prime cryptocurrency price would reach $200k.

Talk at CNBC

In his recent talk at CNBC, Palihapitiya seems very optimistic about the top digital currency. He explained that he told the community about the great potential of Bitcoin back in 2012 when it was trading at $200.

“When it was at $200 and everybody was laughing at me at CNBC every time I would about Bitcoin?” said the CEO of investment company Social Capital.

The host asked Palihapitiya about when Bitcoin would trade at $200k. While giving his opinion, he made it clear that the time is not specific, but it is going there. People’s trust in governments’ policies decreases, which can create a gap for “uncorrelated” hedge assets, such as Bitcoin. He stated:

“I don’t know… five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that, wow, our leaders are not as trustworthy.”

In February 2020, Palihapitiya advised people to dedicate one percent of their portfolio to the biggest digital coin. Those who followed his advice have earned great returns.

New Record of Crypto Derivatives Volume

In the last month of 2020, the crypto industry won another great achievement as crypto derivatives trading volume peaked at an all-time high. On-chain data aggregator CryptoCompare noted the trading volume of derivatives surged to as high as $1.43 trillion, the highest volume. On the other hand, spot volume peaked at $1.19 trillion after rising 30% in just a month.

The largest crypto exchange, Binance, was also the leading platform in terms of derivatives trading volume in December. On-chain data revealed that Binance was responsible for $451 billion in trading volume, with an increase of 12.5% compared to November.

Binance is then followed by other exchanges, such as OKEx, Huobi, and Bybit, as the biggest exchanges for derivatives volume.

Almost all of the products in the crypto industry have attracted a lot of investment over recent months. Prominent venture capitalists and billionaires have voiced for Bitcoin amid uncertain policies of central banks. The financial experts have also advised people to invest money in the leading cryptocurrency.

At the time of article publishing, the tag price of Bitcoin stands at $39,587 after a slight decrease of 2.53% over the day.

 

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