Chamath Palihapitiya is best known for being an early executive at Facebook, founding Social Capital, being a chairman for Virgin Galactic, and owning a minority stake in the Golden State Warriors. Soon, though, he may become better known for turning his Bitcoin fortune into something better.
In June of last year, Palihapitiya revealed that he bought one million Bitcoin back in 2010 when each coin was valued at about $80. At the time of that interview, his sum was worth $9 billion. At today’s current price, it is worth about $35 billion.
With the cryptocurrency’s latest jump from the low $20,000 range to over $40,000, many early Bitcoin investors have been feeling validated and, for lack of a better term, feeling themselves.
Palihapitiya is one of them. He took to Twitter to reveal his plans with his Bitcoin fortune once it ascends to an even higher valuation.
In a standalone tweet, this claim may be taken seriously. The tweets following it, however, suggest he’s kidding.
Chamath is a great Twitter follow for both excellent insights into the business and political world as a whole as well as his sense of humor. His audaciousness has helped him achieve the great success he’s seen to this point. Setting a goal of turning The Hamptons — a place of great wealth — into low-cost housing and farms is an ambitious one.
If Bitcoin does reach the $150,000 mark, however, it would be possible.
Today, the median housing price in The Hamptons is about $900,000, according to the New York Times. Let’s say, for easy math, that the median housing price is $1.5 million by the time Bitcoin reaches $150,000.
$150,000,000,000/$1,500,000 = 100,000 homes.
With an estimation of just over 23,000 households in The Hamptons, Palihapitiya would have no issue turning The Hamptons into the most beautiful low-cost housing and farming conglomerate in the world.
After completing that goal, Palihapitiya would have to save some of his fortunes for purchasing Goldman Sachs and The Masters.
The Champtons are a fine starting place, however.