Chamath Palihapitiya Regrets This ‘$3 Or $4 Billion’ Crypto Mistake As Bitcoin Rises Above $90,000: ‘Would Have Made…A Lot More Money’
By Benzinga
In the wake of Bitcoin’s record-breaking surge following President-elect Donald Trump‘s victory, prominent venture capitalist Chamath Palihapitiya has voiced regret over his decision to sell his Bitcoin (CRYPTO: BTC) holdings.
What Happened: Palihapitiya, who once possessed a substantial amount of Bitcoin in his funds, expressed his remorse over the sale on the All In Podcast on Monday. “I actually think about all the Bitcoin I sold…that’s a, I don’t know, a three or four billion dollar mistake in growing now,” he stated.
At the time, Palihapitiya’s partners opted to distribute Bitcoin, a decision that was profitable but, in retrospect, not as profitable as retaining the cryptocurrency. “Obviously I shouldn’t have sold it. Would have made them a lot more money,” Palihapitiya admitted.
Why It Matters: Bitcoin has made history by surpassing the $90,000 mark, propelled by Trump’s pro-cryptocurrency stance and the prospect of a crypto-friendly Congress. The value of Bitcoin has risen by 90% in 2024, spurred by robust demand for dedicated U.S. exchange-traded funds and interest-rate reductions by the Federal Reserve.
Bitcoin’s surge, which reached new heights following the US election, has yielded returns that outstrip those from other investments such as stocks and gold.
In a previous episode of the All-In podcast, Palihapitiya discussed a significant shift in how Gen Z approaches financial independence. He noted that many young individuals no longer rely solely on their primary jobs to achieve financial freedom; instead, they engage in side activities such as trading cryptocurrencies like Bitcoin and options on platforms like Robinhood and Coinbase.
Palihapitiya’s regret over selling his Bitcoin holdings comes at a time when the cryptocurrency market is experiencing significant growth. Anthony Scaramucci, the founder of Skybridge Capital, anticipates a potential shift towards a less politicized regulatory environment for cryptocurrencies under the upcoming U.S. administration, which could further boost Bitcoin’s value.
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