About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news:
Find CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Google+:
Follow CNBC News on Instagram:
Chamath Palihapitiya: I Am A Buffett ‘Disciple’ But He’s Wrong About Bitcoin | CNBC
“Not everybody is right all the time,” the former Facebook executive told CNBC’s “Squawk Box.” He said knowledge about technology is not in the Berkshire Hathaway chairman and CEO’s “circle of competence.”
Buffett bashed bitcoin Monday in an interview with CNBC’s Becky Quick, saying the world’s largest cryptocurrency doesn’t produce anything except more buyers looking to make money by selling to new buyers. Berkshire Vice Chairman Charlie Munger and Microsoft co-founder Bill Gates, a Berkshire board member, slammed bitcoin as well.
Palihapitiya, who called himself a Buffett “disciple,” said he sees the cryptocurrency as a replacement to gold. “Something like bitcoin is really important,” Palihapitiya said, “because it is not correlated to the rest of the market.”
He said people like him who have owned the cryptocurrency since 2012 view it as a hedge to the “traditional financial infrastructure.” Whether that’s true or not is unclear, he added, “but that’s how we’ve all viewed it.”
The cryptocurrency, which has faced heavy skepticism, was around $9,275 on Wednesday morning, according to industry site CoinDesk.
In December, Palihapitiya bashed social media, and by extension Facebook, for creating a society that confuses “popularity” with “truth.” He argued, “The tools that we have created today are starting to erode the social fabric of how society works.”
Facebook took issue with Palihapitiya‘s remarks, saying in a statement that he hasn’t worked for the company for six years, and insisting that the company has undergone changes since then.