Prominent Silicon Valley investor Naval doesn't think Bitcoin goes to $3k again

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Legendary venture capitalist investor Naval Ravikant recently took to The Tim Ferris Show, an extremely popular podcast about business and self-betterment.

The angel investor, who has funded companies such as Twitter and Uber, proceeded to spend lots of time to discuss Bitcoin and cryptocurrencies.

Being firmly planted in Silicon Valley, Ravikant has long been interacting with the cryptocurrency community.

Bitcoin will never hit $3,000 again: Naval Ravikant says.

"Bitcoin didn't go to $100K, as everybody fled the US Dollar but that shows you how resilient the dollar is and how far we are from losing global reserve currency status. But at the same time, it didn't collapse either, you know, it didn't go down, it went down briefly, as people needed cash to meet various margin calls and loans, but overall stayed very stable."

He added that at this point, with an increasing number of users and institutional adopters, he doesn't think Bitcoin will ever hit $3,000 again, or at least in his lifetime.

"So each one of these people comes and validates it, Paul Tudor Jones validates it, for other hedge fund managers, hedge fund managers validated it for sovereign wealth funds, sovereign wealth funds, we'll validate it for central banks."

While a focus of his talk was on Bitcoin, Ravikant did take some time to mention DeFi.

"They're building a decentralized Wall Street, they call it DeFi, D-E-F-I, for decentralized finance. But I actually think it's more like DEFY as, just defy the government, DEFY. And so I think, we're seeing a whole new casino that's better than Wall Street."

Ravikant went on to highlight how stablecoins have seen strong adoption in recent weeks as those that want to participate in DeFi don't wake to "Take on the volatility of these cryptocurrencies."