Billionaire Chamath Palihapitiya said that the cryptocurrency industry is in a classic bubble cycle.
Billionaire investor and entrepreneur Chamath Palihapitiya evaluated the cryptocurrency industry.
Billionaire Addresses NFTs
Billionaire and investor Chamath Palihaptiya addressed the drop in volume of NFTs on his All-In podcast.
Social Capital CEO Palihapitiya uses the example of Burning Man and Coachella, two large-scale music festivals that aim to be unique but are perhaps mostly the same thing.
The billionaire said in the interview:
“I think there’s something like the Burning Man/Coachella example is the best way to describe it. Most of them are the same, but when a few people discover something early, they are too insecure to admit that it is the same as anything else, and therefore spend a lot of time telling you a narrative of why it totally happened. An example of Buffett would be the saying, ‘When someone tells you this time is different, it’s probably not that different after all. Or another very worn-out quote in history: ‘Everything in history doesn’t necessarily repeat itself, but it rhymes’. All this is trying to say that there isn’t much that is new in the world, other than fundamental leaps in science.”
He also continued his words as follows:
“We repeat things over and over, and one of the things we repeat is the social capital you gain from having certain choices and then having other people approve of those choices because you want to feel valued. This was achieved in the NFTs and I’m sure it was the first stage in the different movements in the arts. It’s probably happened in a lot of other markets as well, so these things are more alike than different. Coachella and Burning man are the same. NFTs and part of the art market, same”
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