Bitcoin billionaire Chamath Palihapitiya plans to run for the California gubernatorial seat

Bitcoin billionaire Chamath Palihapitiya plans to run for the California gubernatorial seat

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Chamath Palihapitiya, an early bitcoin investor, has hinted at running for the California gubernatorial position. Palihapitiya, who is also the CEO of Social Capital, a venture capital firm, announced his plans through a tweet on January 26.

According to Palihapitiya’s website, California is currently a mess because services are too expensive, the teachers are underpaid, and the state’s schools are not good enough. To help address these difficulties, Palihapitiya promises to cut state tax, increase teacher salaries, eliminate student loans, and offer handouts for new births.

Palihapitiya also teamed up with the growing number of California residents seeking to force a recall vote for the current governor, Gavin Newsom. Purportedly, Newsom’s governance has displeased a great many Californians due to unpredictable shutdowns and the sluggish rollout of COVID-19 vaccines.

Reportedly, the #RecallGavinNewsom movement currently has just over 1.2 million signatures. The petition allegedly needs 1.5 million signatures by March 17 to force the recall. However, it remains a mystery as to whether Palihapitiya is gearing up for the 2022 gubernatorial elections, or the potential special election this year.

A crypto-friendly administration

Palihapitiya allegedly bought 1 million BTC in 2013 when one coin was £58. At one point, he even claimed to have owned 5% of BTC’s total supply. According to him, BTC is an effective hedge against insecurity, and he also believes that the leading cryptocurrency has the potential to soar to £146,000 in the next five to 10 years. 

This news comes after US President Joe Biden entered the White House on January 20. Since then, his administration has made several pro-crypto moves, such as nominating Ripple’s former board member Michael Barr as the Comptroller of the Currency. Apart from Barr, the Biden administration also named Gary Gensler, who is well-versed in the crypto sector, as SEC’s head.