Well, I was also curious. So do you see merit in any of the other crypto assets?
In particular, Ethereum?
No.
Billionaires
You gotta love 'em.
Chamath Palihapitiya, one of the first employees of Facebook, has been extremely bullish on Bitcoin.
He's made the rounds recently discussing how HODLing Bitcoin helps him to sleep at night.
With all the rampant money printing going on,
it's easy to see why any person would want to get out of cash and into other assets,
but the only crypto asset Chamath believes in is Bitcoin.
But where does this leave our poor little baby Ethereum?
Stay tuned today as we break down his thoughts and then I set him straight.
Let's get it!
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Now, in this video, we're going to discuss what a billionaire thinks about Bitcoin versus Ethereum.
What he had to say was absolutely shocking.
Recently, Chamath Palihapitiya was on Laura Shin's crypto podcast Unchained
to discuss his thoughts about Bitcoin.
Previously working with America Online,
Chamath was one of the first engineers to work for Facebook.
He was able to ride that wave to the tune of over a billion dollars.
So he understands a little something about being involved with first movers in the space.
And this guy is absolutely cutthroat.
He has a bit of a reputation even for being a bully
as the legend says he regularly made other Facebook employees cry.
And I mean, look at him.
If you don't get chills down your spine and a feeling of overwhelming fear
by looking at this intimidating killer,
then you, my friend, are bold.
I would definitely not want to meet this guy in a dark alley.
But in all seriousness, when it comes to business and the world of finance,
he definitely has a keen eye for making money.
Since leaving Facebook, he has gotten involved in many ventures
but has also been harsh on Facebook due to its role in censorship and encouraging extremism.
Recently, on CNBC, Chamath heavily criticized Facebook for its role in recent political upheaval,
but that's an entirely different video.
Today, we're focused on Chamath's thoughts on Bitcoin
and more importantly why he believes that Ethereum is basically worthless to investors.
Now, he hasn't been afraid to go against the status quo.
Many years ago, CNBC filmed an interview with Bill Gates, Warren Buffett and Charlie Munger.
During this interview, all three of these high dollar investors dismissed Bitcoin.
Bill Gates even said he wanted to short it.
Check out what Chamath had to say about all three of those investors.
The asset itself is creating nothing.
I think it's a scumball activity.
I would short it if there was an easy way to do it.
So there you have it. You have Bill Gates, Warren Buffett, Charlie Munger.
One of them was calling it a scumball activity.
The other saying--
Bill Gates saying he would short this thing if he could.
And you're saying they're all wrong.
Yeah. Well, look. Not everybody is right all the time.
And I think we have to acknowledge that we all have biases.
And look, I'm a disciple of Buffett and Munger,
and one of the things that they have said for years,
which I believe,
is you define a circle of competence and you stay within it.
And I think it's been clear in his entire investing career that technology is not in his circle of competence.
Can you say burn city?
How dumb do all these billionaires look now?
Chamath said it all.
Stick with what you know.
In their twilight years, Gates, Buffett and Munger are no longer competent in the world of technology.
The only tech stock that Buffett owns for instance in fact is Apple,
or at least at the time that that was recorded.
The word on the street is his portfolio is expanding to more blockchain stocks.
But interestingly enough,
it seems like, in my opinion, old big bully Chamath is sounding a little out of his element talking about Ethereum.
He's starting to sound a little like Warren Buffett on this one.
Here is what he had to say when Laura Shin asked him about Ethereum.
Well, I was also curious. So do you see merit in any of the other crypto assets?
In particular, Ethereum?
No.
Bullish on Bitcoin,
bully on Ethereum.
Let's see what he goes on to say regarding his investment advice
for those looking to jump into cryptocurrency investing.
And why not?
You know, it's kind-- it's kind of like when you have a bellwether instrument.
The gains typically go to the winner.
And the simple decision is to go to the category defining winner,
and then set it and forget it.
My view has always been you find the one that's about to win---
Facebook, Microsoft, Apple, Google, Amazon---
and you buy it.
So here is his advice in a nutshell.
Find the winner and go with that.
Don't worry about throwing money into speculative assets
when you can simply invest in the winner.
And I definitely get that.
But unfortunately for Mr. Palihapitiya,
that just doesn't apply to cryptocurrency.
And besides, by his logic,
apparently, investing in MySpace would have been a big win,
or America Online, his former employer.
It's hard to know exactly when the tipping point comes in for an asset when it goes mass market.
But here's where he is dead wrong about his classification of Bitcoin as the winner
and Ethereum as a long shot.
Blockchain and cryptocurrency is much bigger than a niche.
It's not social media.
It's not a tech stock.
It's much more comparable to the entire internet.
Each niche on the internet has had a chance to absolutely explode---
search engines,
retail shopping,
advertising,
self-help,
beauty,
news,
dating,
health,
fitness,
etc., etc.
These are all gigantic niches where people have made millions and billions of dollars.
To say that only one website could rule the entire internet is insane!
And yet that is pretty much what Chamath is saying here.
Bitcoin is a first mover in the currency niche of crypto,
and it even has transitioned to the dominant coin serving as a store of value.
That's why we call it digital gold.
That's basically what it serves as.
But there are far more niches than just that.
Ethereum is the first mover in the smart contract platform space.
VeChain is the first mover in the supply chain space.
Steem was the first mover in the decentralized social media space.
Binance Coin was the first mover in the exchange token space.
Chainlink in the oracle space and I could go on and on for a while
because there are plenty more coins and plenty more niches.
Each one of these niches, or "niches" as some weird people say,
will have big winners.
I even believe that cryptocurrency will have companies that dwarf the so-called FAANG companies
consisting of Facebook, Apple, Amazon, Netflix and Google.
Remember this,
when the world goes into different types of revolutions
such as the industrial revolution,
the internet boom,
the explosion of automobiles and many others,
the companies that come out as the top dogs are not the same companies that go in as the top dogs.
So to summarize,
I'm with Chamath.
I believe Bitcoin is the future and it's definitely the behemoth in crypto,
but I differ from him when it comes to Ethereum.
I believe it's a totally legit cryptocurrency offering even bigger rewards for investors
than Bitcoin does at this point,
and probably by the time the next bull run comes around,
there could be another coin offering better returns than Bitcoin or Ethereum.
But what do you think?
Do you agree with me that Ethereum is the future?
Or do you agree with the big bad bully Chamath Palihapitiya?
And do you think it's pointless to invest in Ethereum?
Drop your comments down below.
That's all I got.
Be blessed.
BitBoy out.