This CEO admits he bought 1 million Bitcoins in 2010

[BTC Future 3946]

 

Chamath Palihapitiya

 

 

If it was someone else I might have reservations. Still, this CEO is Chamath Palihapitiya. He is the current CEO of Virgin Galactic and a former executive of Facebook. Chamath is famous in the Bitcoin world having made various interviews and appeared in conferences always talking in favor of Bitcoin.

 

Recently in an interview with Laura Sin on "Unchained Podcast", he admitted buying 1 million Bitcoins back in 2013 when Bitcoin's price was just $80. He explained that he held during the 2017 bull run and didn't move his investment even at $20,000 (when his investment reached 20 Billion Dollars)!. 

It seems he still holds this amount as he is in it for the long-term as he says and didn't even try to sell when Bitcoin dropped bellow 4K during 2018 and 2020. 

 

In 2017 when the price reached $20,000, his family office called him about his Bitcoin investment. His answer was:

Quote

 “I don’t want to know, just take it off the balance sheet, never look at it, and don’t get psychologically affected by this number.”

A true "hodler", and perhaps one of the reasons Bitcoin's price went so high was that he didn't sell any of his Bitcoins.

[EDIT]: Chamarth reduced his position a lot later and bought and sold during price volatility but he still holds a lot of Bitcoins.

 

To be fair the rest of the podcast didn't contain much useful information. Chamath gave his thoughts on the current economic problems the whole world is facing and described his thoughts on Bitcoin as a hedge against government failures. He explained that the point of investing in Bitcoin is this. Just in case the rest systems fail, Bitcoin will be a store of value it can grow exponentially.

Edited August 20, 2020 by BTC Future
Changed the date when he bought Bitcoin, it was 2013 not 2010 as I wrote. Thanks @rekter for pointing out the error!

[Whited35 15285]

@BTC Future Simply, incredible !! 1 million Bitcoins were bought when price for each Bitcoin was just for about $80, oh my goodness ! What would be the profits if he decides to sell that amount of BTC even at the current exchange rate ! Anyway, looking like he is considering his holdings as the digital gold, eyes are perked with curiosity,brother 😁

Edited June 27, 2020 by Whited35
This line "Bitcoins were bought when price for each Bitcoin was just for about $80" is added !

[BTC Future 3946]

17 hours ago, Whited35 said:

@BTC Future Simply, incredible !! 1 million Bitcoin just for about $80, oh my goodness ! What would be the profits if he decides to sell that amount of BTC even at the current exchange rate ! Anyway, looking like he is considering his holdings as the digital gold, eyes are perked with curiosity,brother 😁

He was already a billionaire after leaving facebook and he just thrown 80 million USD to buy 1 million Bitcoins back in 2013! And he still holds!! 

Edited June 28, 2020 by BTC Future
Changed the date when he bought Bitcoin, it was 2013 not 2010 as I wrote.

[Whited35 15285]

41 minutes ago, BTC Future said:

He was already a billionaire after leaving facebook and he just thrown 80 million USD to buy 1 million Bitcoins back in 2010! And he still holds!! 

I can just imagine what would happen to him if the price of Bitcoin gets skyrocketed to reach the mark $100000 !! Anyway, clearly he has an incredible patience taking ability which may result to make him one of the richest person due to BTC 😊

[Moaz 7239]

The story of this man is really interesting, he bought this man $ 80 million bitcoin in 2010 and this is a great risk he took and this is evidence of his confidence in bitcoin from the beginning of his appearance, that this man is a whale in the crypto world

[rekter 8129]

 

On 6/26/2020 at 3:05 PM, BTC Future said:

...

he admitted buying 1 million Bitcoins back in 2010 when Bitcoin's price was just $80.

Hmm, this doesn't add up. Winlevoss were considered to be first single biggest buyer with $11 million investment in 2013. And bitcoin really didn't get over wasn't even 40 dollars until 2013, so maybe that's a typo then.

 

Source: Google

 

 

Edited June 27, 2020 by rekter

[kyoukage01 3181]

12 hours ago, BTC Future said:

He was already a billionaire after leaving facebook and he just thrown 80 million USD to buy 1 million Bitcoins back in 2010! And he still holds!! 

After reading his Wikipedia profile, I think he is rich enough and busy enough not to rely on his Bitcoin investment anytime soon. And I think he already knows what will happen to the crypto market if he sells all his BTC assets at once.

 

Maybe it would have had a greater impact had he spent the majority of his assets on Bitcoins as a leap of faith back then. Still, 1,000,000(?) BTC is a very huge amount indeed.

 

5 hours ago, rekter said:

Hmm, this doesn't add up. Winlevoss were considered to be first single biggest buyer with $11 million investment in 2013. And bitcoin really didn't get over wasn't even 40 dollars until 2013, so maybe that's a typo then.

After a search to verify the actual date, I found this one. 2010 might be indeed just a typo.

Quote

Social Capital CEO and former Facebook FB executive Chamath Palihapitiya was an early Bitcoin investor. He bought a lot of the cryptocurrency back in 2013 when the Bitcoin price was around $80 per coin, and he claims that, at one point, he owned around 5% of the entire Bitcoin monetary base.

source: https://www.forbes.com/sites/ktorpey/2020/04/05/billionaire-explains-the-path-to-a-1-million-bitcoin-price/#45d8626a2c79

 

[BTC Future 3946]

9 hours ago, rekter said:

 

Hmm, this doesn't add up. Winlevoss were considered to be first single biggest buyer with $11 million investment in 2013. And bitcoin really didn't get over wasn't even 40 dollars until 2013, so maybe that's a typo then.

It was 2013 when he bought the Bitcoins at $80 price, I edited and corrected the mistake. 

4 hours ago, kyoukage01 said:

After a search to verify the actual date, I found this one. 2010 might be indeed just a typo.

source: https://www.forbes.com/sites/ktorpey/2020/04/05/billionaire-explains-the-path-to-a-1-million-bitcoin-price/#45d8626a2c79

 

It was a mistake in the date. I really typed 2010 knowingly that price didn't reach this high so early. It wasn't a typo, but probably I was tired or confused when I was writing this and another comment as well. I must have misheard and didn't process it quite well. Sorry about that.

9 hours ago, Antikue said:

agreed, there was no where selling BTC for $80 in 2010, proof of ownership required to take it seriously.. sound like some sort of puff piece..

who are you and why you reply on my post after months of inactivity?

Edited June 28, 2020 by BTC Future

[rekter 8129]

48 minutes ago, BTC Future said:

It was 2013 when he bought the Bitcoins at $80 price, I edited and corrected the mistake. 

It was a mistake in the date. I really typed 2010 knowingly that price didn't reach this high so early. It wasn't a typo, but probably I was tired or confused when I was writing this and another comment as well. I must have misheard and didn't process it quite well. Sorry about that.

No worries :). But i really thought he would have bought them in 2010 with the price of $80k or something like that. That would have made more sense because spending 80M on bitcoin back then would have been completely insane idea. 

 

When i listened to bitcoin billionaires audiobook while ago, it reminded be that Winkelvoss Twins made the 11M investment roughly in the same time.

[BTC Future 3946]

On 6/28/2020 at 1:14 PM, Refathasan said:

Yes this guy’s story is really interesting, he bought this guy 80 million million bitcoins in 2010 and it’s a great risk he took and it’s a testament to his confidence in bitcoin from the very beginning of his presence, this guy whale crypto world.

Yeah. I mistakenly thought he said 2010. In fact it was during 2013 as the rest members pointed out. I corrected the mistake and edited the post. Sorry about that.

[Calvinpriva 17296]

This CEO is very rich i hope! 1M BTC he bought at a price of $80 per each BTC? He is lucky but i don't know why he keeps holding them, but we never know maybe he holds them for any emergencies for his company.

[BTC Future 3946]

13 minutes ago, Calvinpriva said:

This CEO is very rich i hope! 1M BTC he bought at a price of $80 per each BTC? He is lucky but i don't know why he keeps holding them, but we never know maybe he holds them for any emergencies for his company.

He was already a billionaire before buying so many Bitcoin. He just added a lot to his value with Bitcoin. This is 9 Billion in today's terms. And he just spent 80 million to buy. I guess if he tries to sell the market will collapse though.

[Zaino34 0]

This is a large amount of Bitcoin and it seems that this person believes in the future of digital currencies until he buys this large amount of currencies and thanks to storing this money has become a huge fortune and in this matter we can know what are the benefits of digital currencies if we use them correctly

[BTC Future 3946]

On 7/1/2020 at 10:12 AM, Zaino34 said:

This is a large amount of Bitcoin and it seems that this person believes in the future of digital currencies until he buys this large amount of currencies and thanks to storing this money has become a huge fortune and in this matter we can know what are the benefits of digital currencies if we use them correctly

Now the problem is that noone thought he owned so many. I haven't read a report disproving anything he says, but from articles I've read from the early times, it seems that people thought he just owned 20,000 Bitcoins and not 1 million. But he said it and this was the news. Don't know if he is telling the truth or not.

[Raqeebzy 6456]

I don't get this enough. He once had bought and had 1 million BTC or he is still holding it? I thought satoshi is the largest holder of BTC with also around that amount. I shouldn't say this because I have no proof against this but it is unbelievable to me. One thing is, if it's not true, it is matter of time before he get exposed; claiming holder of such amount cannot be swept under the carpet.

[BTC Future 3946]

On 8/15/2020 at 8:11 PM, Raqeebzy said:

had bought and had 1 million BTC or he is still holding it?

I've heard the interview and it seems that he is still holding them. Although there wasn't a clear verification on this. I don't remember right now if he said that he never sold. I have doubts as well about the amount. It seems way too big. Also about the year that he bought. I think there are irregularities between what I've heard Chamath saying and what I've read from crypto news. I don't have much time now, but I will try to re-listen the podcast.

 

I've looked into this in forums and crypto news and it seems noone knew Chamath Palihapitiya holds so many Bitcoins. Seriously I don't know either, it is just what he said.

[Raqeebzy 6456]

7 minutes ago, BTC Future said:

I've looked into this in forums and crypto news and it seems noone knew Chamath Palihapitiya holds so many Bitcoins. Seriously I don't know either, it is just what he said.

Exactly my point. Is it really possible for someone to hold up to such big amount secretly without many knowing and talk about it. Even satoshi himself don't have more than 1.1 million BTC as reported. As I see it, it is possible he had such amount before when it is a lot less and now he doesn't have up to that amount anymore. That's what I think. 

Until I find an article about it, it is wrong to conclude.

[BTC Future 3946]

22 minutes ago, Raqeebzy said:

Until I find an article about it, it is wrong to conclude.

@RaqeebzyI've heard the part again. It starts at 22:11.

 

Basically he said he bought a million Bitcoin in 2010 in his interview but then he said it was 80 bucks at the time. Perhaps messed up the years.

Laura Shin asked him that his fund owned 5% of all Bitcoins and he noded.
She then said that she doesn't believe this is the case anymore and he was affirmative.
He also said he doesn't know how much he owns anymore because he mostly owns Grayscale Bitcoin Trust stocks.

From what he said in the past he wanted to invest 1% of his net value on Bitcoin and he was adjusting (selling) according to price.

 

Edited August 18, 2020 by BTC Future

[Raqeebzy 6456]

27 minutes ago, BTC Future said:

From what he said in the past he wanted to invest 1% of his net value on Bitcoin and he was adjusting (selling) according to price.

Okay, now I understand clearly. Thanks for the link. He had a very clear vision of what he wants and how his investment will look like and he followed up even in tempting moments of the market. I commend that, only a few people can have such patience, even I am not sure I can hold up as such. One of the best inspiring things I have seen today.

[iloveyobit 6599]

This seems like an interesting article, there are few people who had the luck to buy bitcoin at very low prices and knew its value, unfortunately this opportunity will never return.

[BTC Future 3946]

3 minutes ago, iloveyobit said:

This seems like an interesting article, there are few people who had the luck to buy bitcoin at very low prices and knew its value, unfortunately this opportunity will never return.

Thanks. I had to listen to the podcast again and I've also edited the post to include that Chammath does not hold currently 1 million Bitcoins as he sold as price went up a lot and bought again some during swings. He has a certain percentage of his wealth allocated in Bitcoin, currently through Grayscale as he feels more secure with holding Grayscale Bitcoin Trust shares.

[Humberto Alvarez 11]

eah, but i am making modifications of your rom which you sent me.
Not those ready to use and not working on other cards roms.
That is the big difference.
Also this require to test mamy toms taht i sent for testing.
Each more and more undervoltet until it becomrs unstable.

[Abas 21]

Really smart and brilliant man he know what he is doing and most importantly he have patient. 

[mithhumia 33]

This approach PRESIDENT could be very high pertaining to! 1M BTC the person purchased at a cost about $80 for any BTC? One is getting a break still document am not aware of as to why the person is constantly presenting individuals, still everyone do not be aware of its possible the person owns individuals for just a emergencies just for an individual's supplier.