Venture Capitalist Billionaire Says Most of His 2022 Profits Will Come From DeFi
DailyCoin
Published Jan 04, 2022 06:00AM ET
Updated Jan 04, 2022 06:30AM ET
Venture Capitalist Billionaire Says Most of His 2022 Profits Will Come From DeFi
During the “All-In-Podcast,” investors Chamath Palihapitiya, Jason Calacanis, David O. Sacks, and David Friedberg predicted the future events and trends for the year ahead. The four entrepreneurs discussed business, technology, politics, and, of course, crypto.
According to Palihapitiya, the ‘biggest losers’ for 2022 are Visa (NYSE:V) and Mastercard (NYSE:MA) “and traditional payment rails and the entire ecosystem around it.” Highlighting that, according to him, such financial service companies will be replaced by DeFi payment projects. He also pointed out that Amazon (NASDAQ:AMZN) UK stopped accepting Visa due to massive transaction fees.
"There really is no need today for all these small businesses to sit on top of Visa, Mastercard, and AmEx rails. It's unnecessary,” he opined on the podcast.
What Palihapitiya sees as promising is that “Web 3.0 crypto projects are rebuilding payments infrastructure in a completely decentralized way.”
The businessman warned listeners of dishonest, fraudulent crypto projects. Palihapitiya expressed clearly that it is always important to read projects’ whitepapers to systematically put together their frameworks.
On the Flipside
- The other three participants weren’t convinced about Visa and Mastercard going down.
- Visa’s market cap stands at $500 billion; Mastercard’s is almost at $400 billion.
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