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BILLIONAIRE CHAMATH PALIHAPITIYA SAYS VISA AND MASTERCARD WILL BE THE BIGGEST
BUSINESS FAILURES IN 2022, LOSING OUT TO ALTCOIN-LINKED PROJECTS




Shalini Nagarajan
Dec. 31, 2021, 04:37 AM









Chamath Palihapitiya.

Brian Ach/Getty Images for TechCrunch

 * Visa and Mastercard will lose out to Web3-based payment projects in 2022,
   Chamath Palihapitiya said.
 * Both companies are a "completely contrived duopoly that doesn't need to
   exist," he said.
 * He cited Amazon's decision to ban Visa credit cards in the UK due to high
   transaction fees as one reason for his view.
 * Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Billionaire investor Chamath Palihapitya has boldly predicted that Visa and
Mastercard, two of the biggest payment processors, will be overthrown by
emerging blockchain and DeFi projects in 2022.

"My biggest business loser for 2022 is Visa and MasterCard and traditional
payment rails and the entire ecosystem around it," he said in an episode of the
"All-In Podcast" released Wednesday.

To him, the long-standing payment systems used all over the world are a
"completely contrived duopoly that doesn't need to exist."

Palihapitya, a former Facebook executive who runs the venture capital fund
Social Capital, shared what he thinks will be the "most profitable spread trade"
of his lifetime in the coming year.






"Be short these companies and anybody that basically lives off of this 2 or 3%
(transaction) tax, and be long well-thought-out, Web3 crypto projects that are
rebuilding payments infrastructure in a completely decentralized way," he said.

Without being specific, he predicted at the same time that "a lot of these
scammy crypto projects will go to zero."

"If you read the whitepapers of these crypto projects, and you systematically
put together a framework, I think you can be long those and you can be short
Visa/MasterCard, because I think this is their peak market cap," he added.

A spread trade is a market order in which a trader simultaneously carries out a
purchase of one security and sale of a related security in a single unit.
Investors execute this trade to attempt to profit from the spread, or
difference, between the buying and selling prices.

Palihapitya based his opinion on Amazon's decision to ban the usage of Visa
credit cards in the UK, because of high transaction fees, last month.






"The canary in the coal mine here is pretty significant," he said. "Amazon is
not going to do something like that, in my opinion, unless it's a test of what
they can do all around the world."

"There really is no need today for all these small businesses to sit on top of
Visa, MasterCard, and AmEx rails. It's unnecessary."

He also predicted the first movers for the adoption of this emergent technology
will be in the developing world.

"This is why I think focusing in markets like Nigeria to me are way more
exciting than talking about these fading Western European countries. This is
where this stuff will happen," he said.

"We'll look back in 10 years and (traditional payment processors) market caps
will be materially lower."






Visa and Mastercard have been underperformers in 2021, with their stock prices
roughly flat year-to-date, compared with a roughly 27% gain in the S&P 500.

Read More: You're sitting on a huge crypto windfall. Here's what you need to
know about taxes, and last-minute tactics to minimize them.

Read the original article on Business Insider





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YOUR MARKET VIEW

Name Price +/- % Date TSLA 1,075.71 5.37 0.50 12/31/2021 09:35:42 AM AAPL 178.61
0.41 0.23 12/31/2021 09:35:43 AM MSFT 338.39 -0.94 -0.28 12/31/2021 09:35:43 AM
NFLX 612.59 0.50 0.08 12/31/2021 09:35:42 AM SPOT 240.45 2.43 1.02 12/31/2021
09:35:37 AM













INDICES IN THIS ARTICLE



Dow Jones 36,429.62 0.09% NASDAQ Comp. 15,770.80 0.19% S&P 500 4,784.25 0.12%
NASDAQ 100 16,456.10 0.16% NASDAQ Fut. 15,723.00 -0.15%




RELATED EXCHANGE RATES



BTC/USD 48,075.0391 937.82

1.99% BTC/EUR 42,448.0508 824.39

1.98% BTC/CHF 43,835.5391 771.95

1.79% BTC/JPY 5,535,567.0000 111,379.00

2.05% GBP/BTC 0.0000 0.00

-2.08% EUR/BTC 0.0000 0.00

-1.92% JPY/BTC 0.0000 0.00

0.36% CHF/BTC 0.0000 0.00

-1.75% USD/BTC 0.0000 0.00

-1.93% BTC/GBP 35,656.3906 739.48

2.12% ETH/USD 3,803.6985 93.11

2.51% ETH/EUR 3,358.4907 82.09

2.51% ETH/CHF 3,468.2693 78.53

2.32% ETH/GBP 2,821.1345 72.66

2.64% ETH/JPY 437,974.1875 11,010.59

2.58% EUR/ETH 0.0003 0.00

-2.44% JPY/ETH 0.0000 0.00

-2.43% CHF/ETH 0.0003 0.00

-2.26% USD/ETH 0.0003 0.00

-2.45% GBP/ETH 0.0004 0.00

-2.58% ETC/USD 35.2478 0.63

1.82% USD/ETC 0.0284 0.00

-1.79%





CURRENCY EXCHANGE RATES



Name Price Value % EUR/USD
1.1353
0.0027
0.24
EUR/GBP
0.8396
0.0008
0.09
EUR/CHF
1.0357
0.0011
0.11
EUR/JPY
130.61
0.3100
0.24


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