Chamath Palihapitiya is the CEO of a company whose name may be familiar to most people who invest in cryptocurrencies or are interested in this market. We are talking about the venture capital firm Social Capital. Why am I mentioning him? Because he has just announced plans to run for governor of California. His post on Twiter, in which he informed about his decision, is extremely popular and on top of that he promotes his new author’s website. What can be found on this website? Well, interesting things, like a big tax cut, a pay increase for teachers, and an end to student loans.
All right, but what’s next?
This is not the end of Palihapitiya’s political activity. The billionaire is also involved in a campaign to force a vote on another California governor Gavin Newsom. The vote, of course, is to recall the current governor, thus leading to an early election at the end of this year. This state of affairs is due to the growing dissatisfaction of the people of California in terms of what Newsom is doing in his position, the COVID-19 restrictions and his plans for the future.
Bitcoin investor in politics? Changes in the cryptocurrency market and politics are coming?
For the record, Palihapitiya is not only known as the former managing director of Facebook, but also one of the first investors in the Bitcoin cryptocurrency. So why did he become interested in politics? It’s all about maintaining California’s technological momentum, thus making the region a sort of security buffer and a field for Bitcoin investment and development.
In an interview that was published on January 7 this year, on one of the leading cryptocurrency portals, he stated that Bitcoin is “a hedge against economic uncertainty and that the price of the cryptocurrency could rise to $200,000 in the next five to ten years.”
The hero of my April 2020 news story was described in a Forbes article as an investor who allegedly owned 5% of the Bitcoin market in 2013, when the price per Bitcoin was $80. So what does this have to do with politics? As you can see,
since President Biden took office on January 20, there have been changes in U.S. politics that can be considered pro-cryptocurrency. This includes, for example, the appointment of former Ripple board member Michael Barr as the next head of the Office of the Controller of the Currency. In addition, the Biden administration has also selected cryptocurrency knowledgeable Gary Gensler to head the Securities and Exchange Commission. Palihapitiya’s candidacy and willingness to enter politics is itself supposedly a confirmation that the two worlds are beginning to see the mutual potential and benefits of cryptocurrency market activities. What will this bring to regular users and Bitcoin investors? No one knows, for now we are witnessing record highs in cryptocurrency trading and interest in the market.