Billionaire Chamath Palihapitiya very positive about the future of crypto assets!
10/10/2022, 05:25 PM
Billionaire investor Chamath Palihapitiya believes that decentralized finance (DeFi) will eventually allow people across the world to monetize and financialize all of their assets, allowing them to place them on the blockchain. Palihapitiya, who is a former vice president at Facebook, is currently best known for running his California-based venture capital firm Social Capital.
"All the leakage you have today goes away in a world of DeFi because you will financialize every single asset possible. You know, you'll financialize your homes. You'll financialize your cars. You'll financialize your watches, your jewelry, your art. You'll financialize every random thing," he told the Savvy Finance podcast.
According to Social Capital's CEO, "By monetizing it and financializing it, you can borrow against it, you can trade it, you can pull forward value into the future against it. But it will all be tracked."
Palihapitiya agreed with the host that people would even be enabled to monetize and financialize their careers with the use of the technology. At the same time, the investor said that, in the long-term, the government would require an "off-ramp to taxation" of such assets, as for instance "a physical house exists in the world. You can't hide the existence of a physical house."
"Some assets will live anonymously. And those are the assets that don't need to exist in the real world. But I think what this will create is a world where all of these assets that actually really exist in the world -- it will be fine that it exists and that people get taxed on it, but it will be much more legitimate and simpler," Palihapitiya said. "I think people will trade off incremental taxation for incremental monetizability."
In conclusion, Palihapitiya believes that the DeFi sector has the potential to transform all financial assets and that this will ultimately lead to a more simplified and legitimate tax system.
Palihapitiya was born in Sri Lanka and moved to Canada with his family when he was six years old. He earned a bachelor's degree in electrical engineering from the University of Waterloo. He then worked in various jobs in the tech industry before joining Facebook in 2007.
At Facebook, Palihapitiya was responsible for the growth of the company's user base from 20 million to over 1 billion. He also played a key role in the development of Facebook's advertising business.
In 2011, Palihapitiya left Facebook to launch his own venture fund, Social+Capital Partnership. The fund has invested in companies such as Slack, Box, and Yammer. In 2014, Palihapitiya made headlines when he bought a minority stake in the NBA's Golden State Warriors. He is now the team's co-owner.
Palihapitiya is a well-known figure in the tech industry and is respected for his business acumen and vision. He is a passionate advocate for the power of technology to transform industries and improve lives.
"All the leakage you have today goes away in a world of DeFi because you will financialize every single asset possible. You know, you'll financialize your homes. You'll financialize your cars. You'll financialize your watches, your jewelry, your art. You'll financialize every random thing," he told the Savvy Finance podcast.According to Social Capital's CEO, "By monetizing it and financializing it, you can borrow against it, you can trade it, you can pull forward value into the future against it. But it will all be tracked."
Palihapitiya agreed with the host that people would even be enabled to monetize and financialize their careers with the use of the technology. At the same time, the investor said that, in the long-term, the government would require an "off-ramp to taxation" of such assets, as for instance "a physical house exists in the world. You can't hide the existence of a physical house."
By monetizing it and financializing it, you can borrow against it, you can trade it, you can pull forward value into the future against it. But it will all be tracked.- Social Capitals CEO
"Some assets will live anonymously. And those are the assets that don't need to exist in the real world. But I think what this will create is a world where all of these assets that actually really exist in the world -- it will be fine that it exists and that people get taxed on it, but it will be much more legitimate and simpler," Palihapitiya said. "I think people will trade off incremental taxation for incremental monetizability."
In conclusion, Palihapitiya believes that the DeFi sector has the potential to transform all financial assets and that this will ultimately lead to a more simplified and legitimate tax system.
About Chamath Palihapitiya
Chamath Palihapitiya is the founder and CEO of Social+Capital Partnership, a venture fund, and co-owner of the Golden State Warriors. He is also a former executive at Facebook and AOL.Palihapitiya was born in Sri Lanka and moved to Canada with his family when he was six years old. He earned a bachelor's degree in electrical engineering from the University of Waterloo. He then worked in various jobs in the tech industry before joining Facebook in 2007.
At Facebook, Palihapitiya was responsible for the growth of the company's user base from 20 million to over 1 billion. He also played a key role in the development of Facebook's advertising business.
In 2011, Palihapitiya left Facebook to launch his own venture fund, Social+Capital Partnership. The fund has invested in companies such as Slack, Box, and Yammer. In 2014, Palihapitiya made headlines when he bought a minority stake in the NBA's Golden State Warriors. He is now the team's co-owner.
Palihapitiya is a well-known figure in the tech industry and is respected for his business acumen and vision. He is a passionate advocate for the power of technology to transform industries and improve lives.