Venture capitalist Chamath Palihapitiya is mapping out his plans for when the price of Bitcoin reaches $150,000.
The founder and CEO of Social Capital, who also serves as chairman of the Virgin Galactic board, says he will acquire the summer destination of choice for affluent New Yorkers and transform it into a place that serves a greater good.
“When BTC gets to $150,000, I will buy The Hamptons and convert it to sleepaway camps for kids, working farms and low-cost housing.”
When asked what he will do once Bitcoin hits $400,000, the billionaire venture capitalist reveals his next focus area will be the red planet.
In a recent interview, the billionaire venture capitalist said he purchased 1 million BTC in 2010 for about $80 per coin. Palihapitiya hasn’t confirmed whether or not he still owns all of his BTC, but as of writing, Bitcoin is priced at $29,256, according to CoinMarketCap – making 1 million BTC worth a staggering $29 billion.
In a 2017 CNBC interview, the billionaire venture capitalist disclosed that, at some point, he and two of his friends possessed 5% of Bitcoin’s entire float.
During the 2017 Bitcoin rally, Palihapitiya predicted the price of the leading cryptocurrency would reach six-figure levels in less than half a decade and seven-figure levels in two decades.
Palihapitiya’s comments arrive as Bitcoin records an all-time high of $29,458 on New Year’s Eve, according to CoinMarketCap.
From its current levels, Bitcoin would need to grow by over 400% to reach Palihapitiya’s Hamptons price target.