Chamath Palihapitiya, venture capitalist and CEO of Social Capital, explained that 2024 will be the year for bitcoin to “cross the chasm” and become a mainstream asset. Palihapitiya believes that the approval of an upcoming slew of spot ETFs will power bitcoin to become part of the traditional financial lexicon of 2024.
Chamath Palihapitiya States Bitcoin Might Become a Mainstream Asset in 2024
Chamath Palihapitiya, CEO of Social Capital, stated that 2024 might be the year in which bitcoin grows as an investment asset. In a recent podcast, Palihapitiya stated bitcoin would be one of the most anticipated trends for 2024, having the opportunity to break into traditional finance using the upcoming ETFs as vehicles.
At the All-in podcast, Palihapitiya explained:
I think this is the most important year for Bitcoin that has ever existed we are probably days away from a series of ETFs being approved and so this is the moment for Bitcoin to use that old term ‘cross the chasm’ and really see mainstream adoption.
Crossing the chasm is a term that signals the growth of a tech product from being leveraged by early adopters, who are seen as visionaries, to being used by an early majority, who are also believers but seek to avoid the difficulties that technologies and products face in their early stages.
Palihapitiya believes that launching these spot ETFs will help the early majority comprehend the advantages of bitcoin in the current economic context, allowing parents and grandparents of this generation to understand what bitcoin is, presenting an easy way for them to purchase it and own it.
If the U.S. Securities and Exchange Commission (SEC) approves the spot bitcoin ETFs proposed, Palihapitiya predicts bitcoin “will be a part of the traditional financial lexicon by the end of 2024.”
Palihapitiya has been bullish on bitcoin, stating that it could go to $1 million and that everyone should own some, declaring he held almost 5% of all the supply available at one point.
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