Bitcoin has Already Replaced Gold as SoV: Chamath Palihapitiya
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The popular narrative that Bitcoin (BTC) could someday replace Gold (XAU) as the go-to store-of-value asset has received additional backing from Social Capital CEO Chamath Palihapitiya. The CEO further asserted that this replacement has already occurred, and BTC’s market capitalization will reflect this opinion soon.
The argument that Bitcoin could replace gold has gained significant momentum over the past few years, with several prominent personalities in the financial industry backing it.
The venture capitalist, engineer, and founder of Social capital made his assertion in a recent interview with Delivering Alpha. In the interview, he noted that it is difficult to fix a specific price prediction for Bitcoin, even though he previously predicted that the benchmark cryptocurrency would reach $200K. Meanwhile, he highlighted some of BTC’s monumental achievements over the years.
Palihapitiya noted that: “Bitcoin, I think, has effectively replaced gold. And it will continue to do so.” He added that BTC’s market capitalization “is just going to grow.”
The serial entrepreneur previously lauded the crypto asset and its benefits and urged investors to allocate at least 1% of their portfolio to BTC. He added that he ventured into Bitcoin about a decade ago, and buying portions of it has become his “best investment bet.”
Key Bitcoin Levels to Watch — September 30
Bitcoin has posted a healthy bullish recovery today, despite the prevailing trading volume drought. After a 6.8% jump from the $41K low late yesterday near the $44K level, BTC suffered a minor pullback below the $43K price point a few hours ago. However, we can observe a return of bullish momentum as the $44K level comes into view again. This bullish recovery got sponsored by the 200 SMA line at $42,850.
That said, a break above the $44K level could spark a bull run towards the $46K resistance amid the impending US Infrastructure Bill scheduled for later today. In the case of a bearish reversal, we expect the $41.3K – $41K area to quell all bearish bias.
Meanwhile, our resistance levels are at $44,000, $44,400, and $45,000, and our key support levels are at $43,000, $42,000, and $41,000.
Total Market Capitalization: $1.91 trillion
Bitcoin Market Capitalization: $817 billion
Bitcoin Dominance: 42.7%
Market Rank: #1
