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- Chamath Palihapitiya expects Tesla’s shares to triple and Bitcoin’s price to rise fivefold, he said on CNBC’s “Halftime Report” this week.
- The billionaire chief of Social Capital and the president of Virgin Galactic also criticized Facebook, touted SPACs and explained why he doesn’t expect the current market boom to end in tears.
- Here are Palihapitiya’s top 15 quotes from the interview.
- Visit the Business Insider home page for more stories.
Billionaire investor Chamath Palihapitiya predicted that Tesla’s shares will double or triple and that Bitcoin will rise five times during an interview on CNBC’s “Halftime Report” this week.
The CEO of Social Capital and President of Virgin Galactic also compared the spread of Facebook misinformation with the sale of cigarettes, defended special purpose vehicles (SPACs) as another way to go public and argued that the current boom market is fundamentally different from the bubble that preceded the 2008 financial crisis.
Here are Palihapitiya’s top 15 quotes from the interview, slightly edited and condensed for clarity:
1. “The richest person in the world should be someone who fixes and calculates climate change.” – defending Tesla CEO Elon Musk, overtaking Amazon CEO Jeff Bezos in equity this week.
2. “The big disruption to come is energy utilities. There are trillions of dollars in bonds, in capital expenditures, of value within the world’s power generation infrastructure that will turn upside down. in a pear shape, Tesla will double and triple again. “- arguing that Tesla is a clean energy company that will eventually capture part of the value of the fossil fuel industry.
3. “I don’t understand why people are so focused on selling things that work. You get paid to be with people who know what they’re doing, and this is a guy who’s always been one of the most important entrepreneurs in the world, so why to bet against him? It’s the same with Bezos, why bet against him? You get behind those people who have an incredibly strong character, who know what they are doing, who are not going to bend profits in the long run, and who are going to just driving the train for 10 or 20 years and making the world a better place. “- explaining why he does not plan to sell any Tesla shares.
4. “These guys are dancing, they’re in the rhythm, they’re in the flow. Let them do what they want, support them. Don’t sell a stock, just let them create value.”
5. “It’s rocket fuel for assets. Whether it’s real estate markets, or capital purchases, like cars or vacations, or stocks, in this case, if we’re still in a confinement, these things go to the moon for a while and then you just have to wait. Everyone who is trying to understand why you shouldn’t be late, I think they will regret it for at least the next 18 to 24 months. “- arguing that reducing consumer credit card debt, increasing savings and a record amount of funds in the financial markets will boost markets.
6. “Building products, cars, power systems, batteries, retail infrastructure, robots, transforming financial services so that they are fair to everyone – this is not trading derivatives and playing prank. That was not real value, these people were just messing around in shells. This time this It’s different because people are creating tangible things that you can touch and feel. “- explaining why the current market boom will not lead to a repeat of the 2008 financial crisis.
7. “There is a huge inequality gap in the United States. There are trillions of dollars sitting in 401 (k) s, they need to be allocated to things that can grow quickly so that ordinary Americans can generate savings for their future retirement, through their homes, for their ability to pay for college. You are not going to do that by owning American Express. These companies are inactive, legacy businesses, the game is over. “
8. “I don’t think it’s the peak of SPAC. You need to have a simple entry into public markets, a SPAC represents that. There really will be IPOs, initial public offerings and now IPMs, initial public mergers, and there will be two ways in which things will be done. “
9. “Look at the amount of money we waste as a country in all sorts of random absurdities. We let the politicians run to the Capitol, stay for 2, 4, 6 years and then take it out of the box.”
10. “Can you play the clip in 2012 and 2013 when it was $ 200 and everyone laughed at me on CNBC every time I talked about Bitcoin? Where are you going? Probably it goes to $ 100,000, then $ 150,000 and then $ 200,000 . “- Palihapitiya did not specify a deadline, saying it could take five to ten years for Bitcoin to reach these prices.
11. “We really need to have some kind of insurance that we can keep under our pillow that gives us some access to an uncorrelated hedge. This will eventually make the transition to something much more important, but for now, the fabric of society is worn out and until we figure out how to make it better, it’s time to just have some stupid insurance aside. “- suggesting that events like the siege of Capitol undermined faith in leaders and institutions, fueling demand for Bitcoin.
12. “Amplify echo chambers on purpose and by design. If you are someone who for whatever reason feels deprived of rights, you can find a corner of the Internet where you can amplify your worst fears and, unfortunately, 90% of that activity now happens within from Facebook. “
13. “We optimized short-term profitability for the sake of our democracy. What we left in shambles was any sense that there was any kind of moral or ethical imperative that would govern decision-making in that company. And that saddens me. People who work there. “- sharing his feelings as a former Facebook employee in the role of the social network in spreading the misinformation that led to the protesters who invaded the Capital.
14. “There are people within this company who are building these things that are expanding lobotomization, people’s intellectual cornering so that they cannot learn what is really happening, so that their worst fears and worst concerns are amplified. We need to do a I work better to understand that this diet is not healthy. Now that you sell cancer-causing cigarettes, there must be labels, they must be placed behind the counter, they must be out of the reach of children. “- arguing that Facebook should be legally treated as an editor and face tougher regulations.
15. “We just have to have a real ‘come to Jesus’ in this country about what is really important.”