Billionaire investor Chamath Palihapitiya thinks Solana (SOL) will play a part in a market disruption that challenges the financial supremacy of giant payment companies.
In a new interview on the All-In Podcast, Palihapitiya says there’s been a surge in activity in the past 90 days in the payments sector.
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“Visa and Mastercard, I think, are doing the single dumbest thing they could do by being a duopoly, which is raising prices, especially into an inflationary moment, which just lacks complete knowledge and sensitivity of the moment.”
Palihapitiya notes that the decision to raise prices “creates the incentive for disruption.” He sees the Ethereum (ETH) challenger Solana as part of that upcoming disruption.
“This week, I was able to see a little bit under the hood of Solana Pay, and that’s really exciting. So it’s all coming, I think. It’s like a swarm of activity to dismantle these payments businesses.”
Solana Pay is a decentralized peer-to-peer payments protocol that launched in February.
“The core premise behind Solana Pay is that the payment and underlying technology goes from being a necessary service utility to true peer-to-peer communication channel between the merchant and consumer.”
Solana’s native token, SOL, is trading at $101.96 at time of writing. The seventh-ranked crypto asset by market cap is up 2.5% in the past seven days.
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