Bitcoin is known as a Cryptocurrency (lines of computer code) that hold monetary value. Recently, Social Capital’s Founder – Chamath Palihapitiya says that Bitcoin is going to hit $1 million. Read our article for more details! 

Palihapitiya: The Path To $1 Million

Bitcoins are digital currency created in 2009. Transactions using bitcoins contains no middle parties or middlemen. Therefore, it costs no money for transaction fees and no need to give your real name. More businesses are beginning to accept them and in some parts of the world, you can even buy pizza with Bitcoins. Bitcoin is attractive to some users because of its anonymity, as well as its lack of government control. The value of Bitcoins, like all currencies, is determined by how much people are willing to exchange it for.

Palihapitiya is an early bitcoin investor. He first bought bitcoins several years ago at the price of $100. He and his two friends in Silicon Valley in 2013 owned 5% of the entire float of this Cryptocurrency. In an interview on CNBC, he voiced his opinion on the value and potential growth of Bitcoin. He said that:”I think this thing is a $100,000 a coin in the next 3-4 years, and in the next 20 years will be $1 million.” He also advised that investor “allocate a mere 1 percent of their net worth to bitcoin.” You can find out how to trade Bitcoins here. 

Bitcoins are virtual currency that is self-contained for their value. This means that there is no need for the bank to move and store money. Bitcoins value is similar to physical gold value. You can use them to buy goods or services. Meanwhile, you can even keep them and hope their value would increase in the future.

Why Bitcoin is So Controversial

Bitcoin is highly controversial because there is no government or bank back for this virtual currency,  digital currency is not controlled by any government. Most other currencies only survive because they’re backed by a country’s government. What do you think about Bitcoins and these digital currency’s future? Share with us your idea!