The crypto market looks pretty great today, with most of the coins trading in the green.
At the moment of writing this article, Bitcoin is trading in the red, and the king coin is priced at $11,354.14.
Bitcoin’s price trigger
It’s been just revealed that venture capitalist and billionaire Chamath Palihapitiya says Bitcoin will drive financial accessibility to billions of people – this could reportedly happen if the global financial system crumbles.
Just in case you didn’t know, the Social Capital CEO and former Facebook executive is one of the largest known Bitcoin holders.
During a new interview on CNBC’s Squawk Box with Joe Kernen, Palihapitiya explained what he believes it will take for Bitcoin’s price and adoption to reach massive heights.
“The last few million coins of Bitcoin are obviously going to cost more energy than the first 18 million. But in the grand scheme of things, again, this is something in Bitcoin parlance people say ‘Hodl.’ You buy it, you hold it, you put it away.”
He also made sure to add the fact that this is a situation that no one would want to see becoming a reality.
“And honestly, I think you hope that you never need it because the amount of actual chaos that will drive bitcoin appreciation is not something you actually really want to see.”
Bitcoin could bring important changes to financial infrastructure.
He also remains optimistic about the changes that Bitcoin could bring to the financial infrastructure.
“Now that being said, if it does happen, I think it will create an enormous power redistribution, and it will push power, it will push financial accessibility to the edges, to billions and billions of people. And in that, there is something to be really proud and excited about.”
He said that inflation would continue regardless of the election’s result.