Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett's recent derogatory statements on bitcoin, stating that the cryptocurrency is "important."
While calling himself a Buffett "disciple," Palihapitiya told CNBC that Buffett is wrong about bitcoin.
"Not everybody is right all the time," he told the news source, further suggesting that that knowledge about technology is not in Buffett's "circle of competence."
Palihapitiya, a former Facebook and AOL executive, went on to push for the cryptocurrency's benefits, saying it is a replacement to gold and:
Speaking about the financial crisis, he said that "things that we thought were hedges went away" and "broke down." Bitcoin is viewed as providing a hedge to traditional finance by those who have owned the digital currency, he said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.