Bitcoin advocate Chamath Palihapitiya to run for California governor

Chamath Palihapitiya, founder of the venture-capital firm Social Capital, announced his bid for the California governorship.

It’s on. #RecallGavinNewsom https://t.co/r8Cwd4szrn

— Chamath Palihapitiya (@chamath) January 26, 2021

Palihapitiya proposed zeroing out state taxes, raising teachers’ salaries to be among the highest in the country, and introducing a cash allowance for every newborn.

Wet your beak California. 0% taxes, best paid teachers in the country and a bonanza of climate friendly jobs. https://t.co/gfoPSXziuL pic.twitter.com/3QcqZUfFoI

— Chamath Palihapitiya (@chamath) January 26, 2021

Twitter users questioned the feasibility of delivering a 0% tax pledge.

How does the state generate revenue without a revenue source? pic.twitter.com/uw4FDy0GbP

— Hoboken Urbanist (@hobokenurbanist) January 26, 2021

The founder of Social Capital did not comment on the campaign platform. He also did not specify which party he plans to run with.

Palihapitiya is known as a Bitcoin advocate. He previously described digital gold as the best antidote to autocracy and currency restrictions, as well as the only hedge against risks in the traditional financial system.

In 2020 the billionaire praised cryptocurrency for its low correlation with traditional assets. Later Palihapitiya said that no investment matched the returns of a bet on Bitcoin.

In December 2020, former U.S. presidential candidate Andrew Yang, who advocated transparent crypto regulation, joined the race for the post of New York City mayor.

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