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Billionaire investor and Virgin Galactic chairman, Chamath Palihapitiya, discussed Bitcoin, climate change, and Silicon Valley in a recent interview. Here are the 8 best quotes | Currency News | Financial and Business News

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  • Investor Chamath Palihapitiya spoke about Bitcoin, climate change, and Silicon Valley’s culture of embracing failure in a RealVision interview released on Friday.
  • The Virgin Galactic chairman and Social Capital CEO also tackled topics such as social media, elite colleges, and virtual education.
  • Scroll down for his eight best quotes from the interview.
  • Visit Business Insider’s homepage for more stories.

Billionaire investor Chamath Palihapitiya discussed Bitcoin, climate change, and Silicon Valley culture in a RealVision interview filmed on November 16 and published on Friday.

The Social Capital chief and Virgin Galactic chairman also spoke about the power of social media, criticized elite colleges, and called for changes to virtual education.

Here are his 8 best quotes from the interview, lightly edited and condensed for clarity:

1. “There is a secret that is hiding in plain sight in Silicon Valley, which is that when you fail, you learn.”

2. “Everybody else points and laughs and mocks failure. Whereas here, it is a real badge of honor.”

3. “You are much more likely to have The Rock, or Kim Kardashian, or Charli D’Amelio be the next great politician, than you are some person who is steeped in policy and who really understands what to do” – discussing how social media redistributes power and influence to those who can harness it.

Read More: Buy these 15 cheap, unheralded stocks that will take off in 2021 thanks to their accelerating sales growth, Jefferies says

4. “The loudest people are never the smartest people.”

5. “Climate change has this incredible feature that it is a Trojan horse for normalization. Nobody has time to be hacking and blowing things up and being extremist when you are focused on economic survival.”

6. “Pragmatist rhetoric is what will get your mother and your grandmother to have Bitcoin in their wallet” – suggesting demand for cryptocurrencies will be more widespread if they’re pitched as hedges or part of a portfolio rather than the ultimate investment.

7. “Places like Harvard and Stanford are really corrosive. They are worthless. They have created a monoculture of check-boxing dipshits. They are money-management institutions that basically dole out power and influence based on acceptance and admittance that just entrench the moneyed class.”

Read More: ‘I still think there’s a long way to go’: A crypto CEO breaks down why he’s bullish on Bitcoin even after its surge back to $18,000 — and shares the other cryptocurrency he thinks is here to stay

8. “They should be getting paid more than an athlete” – calling for the best teachers to take on larger virtual classes while school remains closed and be paid a lot more.

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Business

Billionaire investor Mike Novogratz won half a bitcoin in an election bet, then gave it away through a self-hosted lottery | Currency News | Financial and Business News

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  • Billionaire investor Mike Novogratz won half a Bitcoin in an election bet over the weekend, but then hosted a lottery to hand it out to “new Bitcoiners.” 
  • Novogratz, the CEO and founder of crypto-focused merchant bank Galaxy Digital, was expecting Democrats to secure both the White House and the Congress.
  • A Twitter user @Adelgary won the lottery, but others contested the outcome by claiming he already owns Bitcoin and isn’t new to the crypto world.
  • Half a Bitcoin is currently worth $7,726.
  • Visit Business Insider’s homepage for more stories.

Billionaire investor Mike Novogratz said he won half a Bitcoin in an election bet on Saturday, and gave it up in a self-hosted lottery to a Twitter user.

Half a Bitcoin is currently worth $7,726. Bitcoin has risen 10% in the past week, hitting $15,453 as of 10:20 am GMT on Monday. The price has gained almost 60% since the end of August and is up nearly 300% so far this year.

Novogratz said in a tweet: “I won an election bet with @StoneyBitson.  1/2 BTC. I am going to have a lottery for young Bitcoiners for that coin. No one can enter who already owns a Bitcoin. I’m thinking of a number between 1-1000. Whoever guesses first gets it. I’ll have Stoney send directly. One guess.”

Novogratz previously said he was expecting Democrats to win both the White House and the Congress. 

Read More: Morgan Stanley says to load up on these 10 stocks featured on the firm’s ‘buy list,’ which has dominated the broader market this year

A Twitter user @Adelgary won the lottery by guessing the number “826.” Novogratz said he chose the number 8 because he lived in China for 7 years, where the number eight is considered lucky. 26 represents his birthdate.

Because the former hedge-fund manager said the coin would go out to new Bitcoin users, other participants in the thread contested his call by pointing out that the winner already owns Bitcoin.

Novogratz, a prominent Bitcoin bull, has suggested that a conservative Senate and less fiscal stimulus would be good for cryptocurrencies. “Less fiscal, more Fed, good for crypto,” he said.

He also believes that every central bank will start issuing digital currencies in 5 years.

Democrat Joe Biden won the 2020 presidential race thanks to victory in Pennsylvania and Nevada over the weekend, in one of the most fractious election races ever.

Read More: ‘It is going to be very, very bad’: Legendary investor Jim Rogers says the US debt load is creating a prime environment for a collapse — and warns the next market blow off will be worse than the Financial Crisis’ 50% decline

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Economy

DOJ charges Texas billionaire in $2 billion tax fraud scheme

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SAN FRANCISCO (AP) — Federal prosecutors charged Texas billionaire Robert Brockman on Thursday with a $2 billion tax fraud scheme in what they say is the largest such case against an American.

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Department of Justice officials said at a news conference that Brockman, 79, hid capital gains income over 20 years through a web of offshore entities in Bermuda and Nevis and secret bank accounts in Bermuda and Switzerland. Prosecutors announced that the CEO of a private equity firm that aided in the schemes would cooperate with the investigation.

Robert and Dorothy Brockman attend an intimate al fresco dinner celebrating the Rice University groundbreaking of James Turrell’s Rice University Skyspace project at the home of Phoebe and Bobby Tudor, Tuesday evening, May 17, 2011, in Houston. Feder

The 39-count indictment unsealed Thursday charges Brockman, the chief executive officer of Ohio-based software company Reynolds and Reynolds Co., with tax evasion, wire fraud, money laundering, and other offenses.

TAXES ARE DUE TODAY FOR AMERICANS WHO RECEIVED A FILING EXTENSION

Prosecutors also announced that Robert F. Smith, founder and chairman of Vista Equity Partners, will cooperate in the investigation and pay $139 million to settle his own tax probe. Smith, 57, stunned a senior class last year when he promised to wipe out the student loan debt of the entire graduating class at Morehouse, a historically Black all-male college.

FILE – In this Oct. 22, 2019, file photo, billionaire businessman Robert F. Smith speaks after receiving the W.E.B. Dubois Medal for contributions to black history and culture, during ceremonies at Harvard University in Cambridge, Mass. Federal prose

“Complexity will not hide crime from law enforcement. Sophistication is not a defense to federal criminal charges,” said David L. Anderson, U.S. attorney for the Northern District of California. “We will not hesitate to prosecute the smartest guys in the room.”

Brockman appeared in federal court from Houston via Zoom Thursday. He entered a plea of not guilty to all counts and was released on $1 million bond, said Abraham Simmons, spokesman for the Northern District of California.

“Mr. Brockman has pled not guilty, and we look forward to defending him against these charges,” said his attorney, Kathryn Keneally, in an email.

BIDEN TAX PLAN REVENUE 'SIGNIFICANTLY LOWER' THAN PREVIOUSLY ESTIMATED, UPDATED STUDY FINDS

Prosecutors said Brockman used encrypted emails with code names, including Permit, Snapper, Redfish and Steelhead, to carry out the fraud and ordered evidence to be manipulated or destroyed.

Brockman, a resident of Houston and Pitkin County, Colorado, is chairman and CEO of Reynolds and Reynolds, a 4,300-employee company near Dayton, Ohio, that sells accounting, sales and management software to auto dealerships. The software helps set up websites, including live chats with potential customers, find loans and calculate customer payments, manage payroll and pay bills.

Reynolds & Reynolds issued a statement saying the allegations were outside Brockman’s work with the company and that the company is not alleged to have participated in any wrongdoing.

In 2013, a charitable trust set up by Brockman’s late father withdrew a pledged $250 million donation to Centre College, a small liberal arts school in Danville, Kentucky, where Brockman attended class and once served as chairman of the board of trustees.

At the time the school said it was due to a “significant capital market event” that didn’t pan out. A spokesman for Reynolds and Reynolds said in 2013 that the event was a proposed refinancing deal involving Vista Equity Partners, Smith’s company.

WELLS FARGO TERMINATES EMPLOYEES OVER POTENTIAL COVID-19 RELIEF FRAUD

According to the indictment, Brockman gave an unnamed individual detailed instructions regarding the proposed gift to the college, including talking points, and directed the person to threaten to pull out if his demands were not met. In August, he instructed the person to cancel the gift.

Prosecutors say that Smith used about $2.5 million in untaxed funds to buy and upgrade a vacation home in Sonoma, California; purchase two ski properties in France; and spend $13 million to buy a property and fund charitable activities at his property in Colorado.

Anderson applauded Smith for stepping up, despite the serious nature of his crimes, which occurred from 2000 to mid-2015.

“Smith’s agreement to cooperate has put him on a path away from indictment,” he said.

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In 2019, Smith announced to the graduating class at Morehouse College that he would pay off the student loan debt of the entire class, saying that he expected the graduates to “pay it forward.” The estimated cost was $40 million.

FILE – In this May 19, 2019, file photo, billionaire technology investor and philanthropist Robert F. Smith announces he will provide grants to wipe out the student debt of the entire 2019 graduating class at Morehouse College in Atlanta. DOJ charges

Forbes lists Smith as #461 on its billionaires list, with a net worth of more than $5 billion.

He founded the tech investment firm Vista in 2000 and Forbes reports that it now has over $50 billion in assets and is “one of the best-performing private equity firms, posting annualized returns of 22% since inception.” Vista has offices in San Francisco and Oakland.

Vista did not immediately respond to a request for comment.

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Associated Press writers Tom Krisher, Juliet Williams and Jake Bleiberg contributed to this story.

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