Chamath Palihapitiya Regrets Selling His Bitcoin Holdings as BTC Surpasses $90K

Prominent venture capitalist Chamath Palihapitiya has expressed regret over his decision to sell his Bitcoin (CRYPTO: BTC) holdings in the wake of the cryptocurrency's record-breaking surge following President-elect Donald Trump's victory.

Palihapitiya, who once had a significant amount of Bitcoin in his funds, voiced his remorse over the sale on the All In Podcast on Monday.

“I actually think about all the Bitcoin I sold...that’s a, I don’t know, a three or four billion dollar mistake in growing now."

Partners in Palihapitiya’s funds opted to distribute Bitcoin, a decision that was ultimately profitable but not as lucrative as it would have been had they chosen to hold onto the cryptocurrency.

“Obviously I shouldn’t have sold it. Would have made them a lot more money,” Palihapitiya admitted.

Bitcoin has soared past the $90,000 mark on the back of Trump's pro-cryptocurrency stance and the prospect of a crypto-friendly Congress. The price of Bitcoin has risen by 90% in 2024, driven by robust demand for dedicated U.S. exchange-traded funds and interest-rate reductions by the Federal Reserve.

Bitcoin's surge, which accelerated after the US election, has outpaced gains from other investments such as stocks and gold.

In a previous episode of the All-In podcast, Palihapitiya discussed a major shift in how Gen Z is approaching financial independence. He noted that many young people are no longer relying solely on their primary jobs to achieve financial freedom but are instead engaging in side activities, such as trading cryptocurrencies like Bitcoin and options on platforms like Robinhood and Coinbase, to attain their financial goals.

Palihapitiya's regret over selling his Bitcoin holdings comes at a time when the cryptocurrency market is seeing massive growth. Anthony Scaramucci, the founder of Skybridge Capital, expects a potential shift towards a less-politicized regulatory environment for cryptocurrencies under the upcoming U.S. administration, which could propel Bitcoin's value even higher.