Early Bitcoin trader Chamath Palihapitiya is running for governor of California.

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Bitcoin billionaire is expected to run for California governor.

Early Bitcoin trader and business proponent Chamath Palihapitiya has indicated a possible run for the California governor seat.

The CEO of the venture capital company Social Capital, Chamath Palihapitiya, seemed to have revealed his plans in a Tweet on 26 January. The post connected to his latest website with a range of commitments to the U.S. state, including major tax cuts, a rise in teachers’ pay, an end to student debt, and a handout for new births.

Palihapitiya seems to be gearing up for the 2022 Government Race or possibly for a special election, but no details were given beyond his plan to participate politically.

The billionaire businessmen have joined forces to force a recall vote for current California governor Gavin Newsom, which will lead to a special election later in 2021, according to sources.

An increasing number of Californians have been displeased with Newsom’s success in the role, particularly when it comes to erratic shutdowns and slow-moving Covid-19 vaccine roll-out.

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The former Facebook executive Palihapitiya was an early investor in Bitcoin (he bought a million) and he says he wants to maintain the state’s status as a leading technology hub:

“Let’s make California the global centre of all tech & climate jobs by realigning our incentives rather than pushing them away,”

In an interview on January 7, he said that he saw Bitcoin as insurance against economic instability and that its price could grow to $200,000 over the next five to ten years.

According to the April 2020 Forbes post, Palihapitiya purchased Bitcoin back in 2013 when the price was about $80 a coin and reports that at one point it had around 5 percent of the entire supply of Bitcoin.

There have been a number of pro-crypto moves in U.S. politics since President Biden took office on January 20, including the naming of former Ripple Board of Directors, Michael Barr, as the new Currency Controller. Additionally, the Biden administration has also picked crypto-knowledgeable Gary Gensler to head the Securities and Exchange Commission.

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