저자: ChamathPalihapitiya · 외국인
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첫 줄 결론: 차마스는 비트코인을 전 세계 개인이 자산의 최소 1%씩 보유해야 할 가치저장 수단으로 보며, 개별 스타트업보다 상승 여지가 크다고 주장한다. 세금 측면: 2021년 4월 4일 IRS가 비트코인을 재산(property)으로 분류한 것을 매우 중요한 사건으로 평가했다. 재산으로 분류되면 자산 교환(asset swap)과 과세 이연을 활용할 수 있어, 과거 부유층이 쓰던 절세 구조를 스마트 계약과 삼중 기입 회계로 일반인에게도 확산시킬 수 있다고 봤다. 보유 현황: 본인과 계열 펀드가 보유한 비트코인이 약 10만 개에 가까우며 계속 매수할 계획이라고 밝혔다. 투자 방식 비교: 스타트업 투자(ASIC 반도체 기업 등)에 대해서는 칩 테이프아웃 비용(수천만 달러)과 기술 진부화 위험을 들어 회의적이었다. 다만 기업 투자가 나쁘다는 뜻은 아니며, 펀드 구조상 비트코인 직접 매수가 유리했다고 설명했다. 타 VC 비교: 마크 안드레센, 크리스 딕슨, a16z의 기업 투자 방식에 대해서는 그들의 투자를 진정성 있게 평가했고, 소셜캐피털은 연기금·대학기금 없이 개인 자본 중심의 플랫폼이라 자본 운용 방식이 다르다고 설명했다. 사회적 관점: 비트코인이 분산형 화폐로 확산되면 금융 기득권이 약화되고, 해외송금 시 중간 수수료 착취(예: 스리랑카 송금 시 수수료 문제)가 줄어든다고 주장했다. 이를 통해 소외 계층이 자본에 더 쉽게 접근할 수 있다고 봤다. 인프라와 대중화: 현재 비트코인 사용은 지갑 관리 등 복잡성 때문에 대중화가 어렵다고 인정했다. 해결책으로 ETF 같은 추상화 상품이 필요하며, 배리 실버트의 상품을 예로 들었다. 사회자가 언급한 세컨드마켓 관련 수수료 질문에 대해 차마스는 세컨드마켓 이사로서 수수료 구조가 ETF와 유사하다고 설명했다. 리스크·조건: 가격 방향에 대한 구체적 단기 목표치나 기간은 제시되지 않았다. 장기적 가치 저장 및 제도 변화에 대한 낙관이 핵심이다. 출연자 전망: 비트코인은 장기적으로 개별 주식보다 높은 상승 잠재력이 있으며, 기업 중심 투자보다 비트코인 직접 보유를 선호한다는 견해다.
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your your your work evangelizing for bitcoin you wrote a great essay for bloomberg view last summer why why i invest in bitcoin uh but bring us up to speed on where you are now as an investor in bitcoin uh personally and via your affiliated uh funds uh i think across all of the vehicles that i control we're approaching um just a little under 100 000 coins and i think we'll keep buying more you know personally i sort of have this belief that everybody in the world should probably have at least one percent of their assets in bitcoin um not any other altcoin specifically bitcoin and uh i think that the that we're just at the beginning and you know what happened yesterday by the way at the irs hugely important i was going to ask you about that they they ruled that they were classified as property and by the way for anyone that who thinks like all of a sudden this is a bad thing it's actually a really good thing there has been tax policy that has been exploited by rich people for years that have allowed us to wash taxes on anything that we owe and now because we can own bitcoin i think that people will figure out via smart contracts and via triple entry accounting a simple way to transfer and waterfall down those capabilities to the average everyday individual so you know you've heard of uh or you may want to google this person's name but there's a really really well-known billionaire by the name of john malone he's famous not only for consolidating the cable industry everything else brad you know him well but he's also paid virtually no tax and part of the structures that he set up is by treating things as property being able to do property swaps asset swaps right and being able to defer tax all the way down the line so all of a sudden now if bitcoin is a property all we need in the combination of a smart contract and some clever accounting which we all know how to implement in software you can now take that same mechanism and cascade it down to the individual person even using a satoshi for a transaction so i think what happened yesterday is really important it just it now creates a big window there was a worry though that it would create extra friction around having to calculate capital gains on every transaction but this is what i'm saying i think that's because people who haven't had access to extremely sophisticated tax planning don't even know that asset swaps and all these other things exist but if you know it and you understand the tax code a couple of you will be able to go today and figure it out implement it in software and then make it available to everybody else what you're going to see now is the mechanism to be able to transact effortlessly and efficiently and the great thing is these two specific areas of bitcoin the protocol which in my opinion are the two most interesting areas smart contracts and triple entry accounting will now get the level of investment that it probably deserves so that you start to see some really interesting businesses okay but i want to go back to the first question so you're primarily uh seeing the investment opportunity as directly buying bitcoins are you doing any investing in startups have you invested any asic startups like you know cointerra you know i had an opportunity to invest in a couple well-known asic companies and my background is in double e and you know when you sit there and listen to these pitches the thing that was like confusing to me is people didn't even know what the word tape out meant and so they were trying to tell me that they were going to build a chip that did something and i said well what's going to cost you to get the tape out on like you know call it 20 something nanometer and they didn't know and you know i didn't want to spend 20 to 40 million dollars to tape out a chip that could theoretically be obsolete by the time they actually got it out of a fab and so you know all the way along i've been very specific that i think bitcoin as a store of value just has immense more ability to appreciate than any company necessarily that doesn't mean that investing in a company is specifically bad it just means that when if given the choice and frankly because of the way our funds are structured and you know i have that flexibility i chose to just invest in the bitcoin but i think if you had more traditional constraints in your more traditionally defined fund it makes a lot of sense to invest in these companies because they will generate lots of value they just may not generate as much value as the underlying currency itself but that's okay well i want to i want to go i want to uh jump off from that contrast with folks like you know mark andres and chris dixon and andreessen horowitz who are very upfront about their investment in companies and and and not so much or or um you know they don't talk about their own holdings or or they say that they haven't really made the investment that you've made do you think they're underplaying that or do you think um you know they're sort of less optimistic as big in bitcoin the assets no no i mean i i actually believe them and i think they they're doing a great job in the fact that they're going to invest i think mark said hundreds of millions more 250 million dollars more or something that's awesome look the reality is social capital is not a venture fund it is a vehicle and it's a platform that we created to affect change and it's an assembly of individuals largely and our capital with me being the largest and so we have a certain degree of flexibility in a way of viewing the world that doesn't necessarily have to map to a traditionally defined way of using capital we don't raise from pension funds we don't raise from university endowments we don't raise so how does owning bitcoin affect change i think it's progressing a set of financial changes that fundamentally empower a distributed class and disadvantages entrenched interests and from that perspective i think we should absolutely want that type of thing to win and so when when i specifically buy bitcoin what i'm thinking to myself is i'm using my own personal capital to hopefully prop up and support the emergence of something that would rip apart the existing financial system and if it does god bless it and what will happen and what will happen is individuals who are on the right side of history on the right side of justice will benefit individuals will be able to get access to capital easier individuals will be able to transact cheaper individuals will not get cheated simple example you know you talk about for example like remittance as being a big business for those of us who are not white and not born here who send money back to a third world country you will know that there will there are thugs that stand outside these money depots and will basically charge you like a cover charge to get into the bloody place to get your cash and so when i send a hundred dollars back to sri lanka you know my uncle or my cousin may only get seventy dollars because he has to give five or ten just to get through the front door that that's right so like there's all of these things that are just so good and will change constructively if we have a fundamentally distributed secure currency and it starts with property and property plus smart contracts and triple entry accounting equal a currency so we should stop getting caught up in all the semantics and celebrate the fact that the u.s government now acknowledges what it is that you all care about hugely important so yesterday you believe was a pivotal pivotal day but it feels like a lot needs to happen to facilitate this revolution i mean my mom is is not not by never never my mom i'm not buying bitcoin because fundamentally i don't want to i don't i i actually don't believe i can hold on to it securely or i'm technologically savvy enough to to protect the investment so what needs to happen how much innovation needs to occur to get a lot um and i think there are a lot of really good people here that are doing that zappos is doing that barry silbert's doing that coinbase is doing that uh circle is doing that there's all these great people really smart technologists who are going to go and solve those problems and make it accessible to a lot of people and i think that's amazing you know i want to ask you about barry silbert and second marker this may be a naive question but the way i understood what they were doing is sort of acting as an investment bank and allowing uh you know people to buy and store bitcoin with this new second market entity and then charging a commission and it was all you know collecting a fee it was always my understanding that bitcoin was supposed to you know we were going to erase the fee so what how how are they able uh to collect that uh with the no so let me explain so i mean and also full disclosure i'm on the board of second market which is why i'm asking you the question so what barry created was the equivalent of an etf and the reason why an etf is important is if you look at what etfs did in the traditional stock market it unlocked access to equity to a broad class of retail investor so 20 or 30 years ago one would buy individual stocks it was not a thing that millions and millions of people engaged in until the creation of an etf because what you were able to do was create a basket that tracked for example in the case of the s p the s p 500 and so you could buy one thing with one ticker symbol that you could check that you could put into your ira that you could put into your 401k and all of a sudden it would just move and it abstracted out a lot of complexity similarly in order for the understanding and then the ownership of bitcoin to reach mass-market adoption we're going to need things like that that abstract complexity i agree with you who the hell is going to go beyond us zealots go to an online wallet buy some stuff in an online exchange transfer to a wallet put something cold storage keep some in a hot wallet do this do that do the other thing it's ridiculous it's unusable by people who don't care and things when things scale they need to be used by people who don't care not just by people who give a okay so for all of us we need to basically get to a place and things like barry's etf do that where by the end of this year it's going to be exchange traded your parents now or your mom when she reads about bitcoin and says brad what should i do about this bitcoin thing you can say well you know what why don't you take a few thousand dollars and buy this etf you can use etrade you can buy it whenever you want you can sell it whenever you want and all barry does is charge a fee on the way in and on the way out which is not dissimilar to how every other mutual fund or etf but theoretically should we no longer one day need an etf when when you know the bitcoin ecosystem uh abstracts the complexity by itself no you'll always have it so for example like i mean us dollars you can go to the bank today but why do money market funds exist again they exist because it's a pooled vehicle that creates a leveraged buying power and it creates uh coherency in a market right and it allows multiple participants who have completely different needs to be able to transact in the same marketplace efficiently so you may be buying it to buy you know you may need bitcoin to buy bread but the german government may be using it to be hedging euros we shouldn't care the point is we need all these mechanisms in place and one of the things it will be what he's created you
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