[2017-05-05] Facebook Millionaire & NBA Franchise Owner Believes in Bitcoin

varyspro

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Quote from: Kemarit on May 06, 2017, 08:36:23 AM

I was wondering why many millionaires and billionaires now are coming out and claiming they have big investments behind bitcoin and other crypto-currency? First they was Mike Novogratz now Chamath Palihapitiya? Are they hyping the already "hype" market? When the price of bitcoin was below $1000 you will not see anyone coming out telling I have millions in bitcoin as investment? I guess, those individual who has a lot of money is really intelligent when it comes to investment, and they saw the bitcoin is a safe haven for them to invest to for the longer term.

Maybe they used to have bitcoins before, but they did not brag about it. And now, when the price is high, they proudly declare it.
This means that bitcoin is becoming more popular among millionaires

Kemarit

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I was wondering why many millionaires and billionaires now are coming out and claiming they have big investments behind bitcoin and other crypto-currency? First they was Mike Novogratz now Chamath Palihapitiya? Are they hyping the already "hype" market? When the price of bitcoin was below $1000 you will not see anyone coming out telling I have millions in bitcoin as investment? I guess, those individual who has a lot of money is really intelligent when it comes to investment, and they saw the bitcoin is a safe haven for them to invest to for the longer term.

tyz

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Quote from: Gotottack on May 06, 2017, 03:20:34 AM

It's great news that we are seeing more backers of bitcoins and cryptocurrency. This is good since they are influential people that could potentially create more awareness to the public that bitcoins are here and it is the future of finance. If more people like him come out and say that they use bitcoins then that would really boost prices more.

I agree with you. I am convinced that there are many more people in the tech elite which own Bitcoins already. I also believe that in the future, more well-known people will admit that they invested in Bitcoin and crypto currencies. Crypto currencies are losing the bad reputation they initially had, although I think that it is still a long way to wide acceptance. It only needs a huge theft from an exchange or a price crash to spruce up the negative image.

Gotottack

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It's great news that we are seeing more backers of bitcoins and cryptocurrency. This is good since they are influential people that could potentially create more awareness to the public that bitcoins are here and it is the future of finance. If more people like him come out and say that they use bitcoins then that would really boost prices more.

aso118

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Quote from: richardsNY on May 05, 2017, 04:17:35 PM

Quote from: RomanJDS on May 05, 2017, 03:57:51 PM

How do millionaires convert their bitcoins into dollars?

Exactly the same way as most people here do -- selling them through exchanges, or simply do it peer 2 peer. It's nothing special, really. In case they want to maintain a low profile, they will likely look for other wealthy individuals to exchange with, face to face. If they don't mind doing it officially, where they in all honesty pay their taxes, then it's just done through exchanges where they end up getting the fiat sent to their bank account.

As long as your bitcoins are legally obtained and you are willing to pay taxes on the gains of selling bitcoins, there is absolutely no problem. I am sure millionaires like these don't have any problems in paying their taxes. The liquidity at most exchanges is sufficient to support such sales.

richardsNY

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Quote from: RomanJDS on May 05, 2017, 03:57:51 PM

How do millionaires convert their bitcoins into dollars?

Exactly the same way as most people here do -- selling them through exchanges, or simply do it peer 2 peer. It's nothing special, really. In case they want to maintain a low profile, they will likely look for other wealthy individuals to exchange with, face to face. If they don't mind doing it officially, where they in all honesty pay their taxes, then it's just done through exchanges where they end up getting the fiat sent to their bank account.

Nagadota

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Quote from: Kprawn on May 05, 2017, 03:25:18 PM

I think there will be many of these Millionaires and Billionaires that will admit to owning Bitcoin, when it becomes socially acceptable to be

associated with this technology. In the early days and after Silkroad many people did not want to be known that they owned a "currency" that

were linked to drugs and child porn and all the FUD that were spread on the internet about Bitcoin. When they see other people coming out of the

cupboard... they start doing it too. After all... Bitcoin is the Best performing currency and commodity for the last 2 or 3 years now. Grin

I don't know, a lot of investors are openly opposed to it. Warren Buffet was pretty brutal with his lack of basic understanding.

I'd say investors will take time to get involved. Those kinds of crazy returns might exist now, but that's because Bitcoin is not stable and long-term investors are unlikely to view it as secure even though the risk/reward ratio is pretty good.

RomanJDS

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Quote from: Kprawn on May 05, 2017, 03:25:18 PM

I think there will be many of these Millionaires and Billionaires that will admit to owning Bitcoin, when it becomes socially acceptable to be

associated with this technology. In the early days and after Silkroad many people did not want to be known that they owned a "currency" that

were linked to drugs and child porn and all the FUD that were spread on the internet about Bitcoin. When they see other people coming out of the

cupboard... they start doing it too. After all... Bitcoin is the Best performing currency and commodity for the last 2 or 3 years now. Grin

How do millionaires convert their bitcoins into dollars?

Kprawn

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I think there will be many of these Millionaires and Billionaires that will admit to owning Bitcoin, when it becomes socially acceptable to be

associated with this technology. In the early days and after Silkroad many people did not want to be known that they owned a "currency" that

were linked to drugs and child porn and all the FUD that were spread on the internet about Bitcoin. When they see other people coming out of the

cupboard... they start doing it too. After all... Bitcoin is the Best performing currency and commodity for the last 2 or 3 years now. Grin

RomanJDS

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In his place I'd promote bitcoins too

I think that his investments in FB doesn't work

tyz

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Facebook Millionaire & NBA Franchise Owner Believes in Bitcoin

A venture capitalist and Facebook Millionaire is invested in Bitcoin, calls it the ‘Ultimate insurance policy against value destruction.’
Chamath Palihapitiya, an early member of the Facebook team, has publicly reaffirmed his belief in Bitcoin. The venture capitalist, who also owns the Golden State Warriors, is known for investing in Bitcoin, telling Bloomberg as early as 2013 that he’s investing because of the promise of the technology. Later that year, it would come out that he owned $5 million worth of the cryptocurrency, with plans to purchase more.

https://www.cryptocoinsnews.com/facebook-millionaire-gsw-owner-believes-in-bitcoin/

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