Billionaire investor and CEO of venture capital firm Social Capital, Chamath Palihapitiya, says the US can no longer effectively ban Bitcoin and crypto.
In a new All-In Podcast interview, the former Facebook executive says Bitcoin and the rest of the crypto markets have become too large for the US government to put a stranglehold on the emerging industry.
Earlier this month, Federal Reserve Chairman Jerome Powell said that he has no plans to impose a ban on cryptocurrencies.
Less than a week later, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said that his agency has no intention to follow China’s blanket ban on digital assets.
Chamath Palihapitiya is an early Bitcoin investor who bought one million BTC in 2010.
His venture capital firm, Social Capital, recently participated in a $7.7 million seed funding round for Saber Labs, the developer behind Solana-based automated market maker Saber.