The rise of Bitcoin to new levels and peaks, made many analysts and Bitcoin enthusiasts see that it is only a matter of time until Bitcoin replaces gold.

This argument was well received and further supported by the CEO of Social Capital, Chamath Palihapitiya, in a recent interview, in which he confirmed that Bitcoin has already replaced the yellow metal, and the market value will soon be adjusted to show this.

Bitcoin replaces gold

The past few years have seen a growing controversy among Bitcoin and gold proponents outside the cryptocurrency community, with many notable names from other financial industries taking part in the controversy.

Some, such as Peter Schiff, continue to reject Bitcoin as a viable competitor to gold, while others, such as Michael Saylor, Anthony Scarmushy and Steve Wozniak, see Bitcoin as displacing gold.

Read:Will the upcoming “EIP-1559” upgrade for Ethereum really solve the fee problem?

Chamath Palihapitiya, venture capitalist, engineer and founder of Social Capital, is a member of the second camp of the bitcoin-gold debate.

Recently, speaking to Deliving Alpha, he said that it was difficult for him to provide a specific price for Bitcoin, although he had previously predicted that it would reach $200,000, but he clarified the milestone that Bitcoin had achieved in his opinion.

Where he stated:

I think bitcoin has effectively replaced gold.

and will continue to do so.

As such, the market value of Bitcoin will grow even more.

Previously Palihapitiya praised the cryptocurrency Bitcoin and its advantages while urging investors to allocate at least 1% of their portfolios in it.

Additionally, he said his Bitcoin investment was nearly a decade ago, and buying bits of it has become his best investment bet.

During the same interview, the CEO of Social Capital also expressed his concerns about rising inflation rates.

To prepare for the already obvious consequences, focus on the accumulation of hyper-growth companies, cash-generating businesses, and a few assets that lack a connection to them, such as bitcoin.

Read:An increase in the number of bitcoins issued and transferred from cryptocurrency exchanges to private wallets

In an inflationary environment, from my very simplified view of the world, I want to have three things:

Excessive growth, because excessive growth is always superior to inflation.

and cash-generating assets.

And then I want to own non-inflation-related assets.

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