Bitcoin Bull Chamath Palihapitiya Running for California Governor

Chamath Palihapitiya, the CEO and founder of Social Capital, will be running for the seat of the next Governor of California. He is a well-known Bitcoin bull and proponent who’s outlined on multiple occasions that BTC is an important part of everyone’s investment portfolio.

Running for California Governor

Chamath Palihapitiya confirmed today that he will run for the next Governor of the state of California.

It’s on. #RecallGavinNewsom https://t.co/r8Cwd4szrn

— Chamath Palihapitiya (@chamath) January 26, 2021

California is a mess – it’s too expensive, our teachers are underpaid, and our schools aren’t good enough. 

That’s the punchline on his campaign’s website, giving an outlook on the areas he plans to focus on. There are a few propositions that the billionaire venture capitalist puts forward right from the get-go. He suggests instituting a 0% state tax, which will increase the state’s revenue from $15 billion to $30 billion. He will also work towards increasing the teacher’s salary to a minimum of $70K while also giving students a free voucher to pick any school they want to attend. It’s clear that education is a critical point of his campaign’s aims, which is further reiterated by one of his other propositions – to get rid of student loans.

Palihapitiya suggests that the state of California will guarantee ISAs so students won’t have to get a student loan “ever again.”

On top of all that, he’s also planning to give $2,000 for every new child born in the state.

If we want California to remain as the technological hub of the world, we have to encourage more people to settle down and live here.

Palihapitiya and Bitcoin

It’s a known fact that the investor is a strong proponent of bitcoin as an asset that’s uncorrelated to the rest of the market. He has said, on multiple occasions, that 1% of the portfolio of every investor should be in BTC, sort of as a last resort – if everything else goes crashing, Bitcoin will be the insurance, thinks the investor.

His advocacy for the cryptocurrency became more than apparent recently, as he predicted a price of $200,000 per bitcoin.

Last year, Palihapitiya’s firm, Social Capital, also expressed support for the cryptocurrency space through a new venture called Emerging Managers. Tweeting on it, the investor outlined a few issues that new investors could face when they are starting off, including building a capital base without a track record, establishing an expensive infrastructure, finding partners, and mastering the mental aspect of investing.

He said that the new venture would primarily focus on a few niches, including crypto as their second priority.