Billionaire investor Chamath Palihapitiya thinks popular altcoin Solana (SOL) will play a role in a market disruption that challenges the financial supremacy of giant payments companies. Here are Palihapitiya’s comments…
Billionaire name draws attention to popular altcoin Solana
In a new interview on All-In Podcast, Palihapitiya said that there has been a surge in activity in the payments industry over the past 90 days. “Visa and Mastercard, in my opinion, are doing the stupidest thing they can do by raising prices, especially in an inflationary moment, without the full knowledge and sensitivity of the moment,” he said. Palihapitiya notes that the decision to raise prices “created incentives for deterioration.” Ethereum (ETH) competitor sees Solana as part of the upcoming disruption, noting Solana Pay.
Solana Pay is a decentralized peer-to-peer payment protocol launched in February. “This week, I got to see a little bit of Solana Pay and it’s really exciting,” the billionaire said. The basic premise behind Solana Pay is that payment and its underlying technology transform from a necessary service tool to a true peer-to-peer communication channel between trader and consumer.
Solana (SOL) price latest
Solana’s native token SOL is changing hands at $101.6 with a 5.5 percent rise at the time of writing. The cryptocurrency ranks seventh with a market cap of $33.9 billion. Solana has been in the news a lot lately, for good and bad reasons. Regarding the bad news, Cyber Capital’s Founder Justin Bons has posted a series of tweets directed at Solana, as we have also reported as Kriptokoin.com.
While many described it as a rant against the Solana Foundation, the administrator went on to say Solana had “too many red flags”. The manager highlighted Solana’s lack of authenticity, while also calling it “reckless”. In fact, Bons also mentioned the Proof of History mechanism, claiming that it makes the hackers’ job easier. Such criticism comes after a major blackout in early January 2022. This incident was the third major network outage in a few months on a Blockchain dubbed by many as the “Ethereum killer”.
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