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Bitcoin early trader and billionaire Chamath Palihapitiya set to run for US governor

Chamath Palihapitiya, an early Bitcoin trader and business proponent, has signaled a possible run for the California governor’s seat.

In a Tweet on January 26, the CEO of venture capital company Social Capital, Chamath Palihapitiya, appeared to reveal his intentions. With a variety of commitments for the U.S. state, including major tax cuts, a rise in teacher pay, the elimination of student debt, and a handout for new births, the post connected to his new website.

Palihapitiya seems to be gearing up for or likely for a special election for the 2022 Gubernatorial race, but no details were given beyond his plans to engage politically.

Newsom’s success in the role has displeased an increasing number of Californians, particularly when it comes to erratic shutdowns and a slow-moving rollout of the Covid-19 vaccine.

Palihapitiya, the former Facebook executive, was an early Bitcoin supporter (he purchased a million), and he says he wants to retain the reputation of the state as a leading technology hub:

“Let’s make California the global centre of all tech & climate jobs by realigning our incentives rather than pushing them away,”

In a January 7 interview, he said he sees Bitcoin as insurance against economic instability and that within the next five to ten years, its price could grow to $200,000.

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Palihapitiya purchased Bitcoin back in 2013, when the price was about $80 per coin, according to an April 2020 Forbes report, and he says that he owned about 5 percent of the worldwide supply of Bitcoin at one point.

Since President Biden assumed office on January 20, there have been a variety of pro-crypto changes in U.S. politics, including the selection of Michael Barr, the former chairman of the board of advisors of Ripple, as the new Comptroller of the Currency.

In addition, crypto-knowledgeable Gary Gensler has also been chosen by the Biden administration to lead the Securities and Exchange Commission.

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