<p><img src="https://static1.businessinsider.com/image/602407ef67d1e300113c543b-2400/GettyImages-615649084.jpg" border="0" alt="GettyImages 615649084" data-mce-source="Mike Windle/Getty Images" data-mce-caption="Chamath Palihapitiya has backed bitcoin but expressed regret at a 2014 decision"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Chamath Palihapitiya has made himself a billionaire through wily investments in tech and an array of blank-check companies.</p><p>But the Social Capital founder admitted on Tuesday that not all his decisions have been successful, sharing some "loss porn" with his Twitter followers.</p><p>Palihapitiya <a href="https://twitter.com/chamath/status/1359248379377762310's=20">said on Twitter</a> that he had bought an empty plot of land near Lake Tahoe in 2014 using bitcoin.</p><p>He said bought the land for $1.6 million using 2,739 bitcoin - which would be worth more than $120 million as of Wednesday.</p><p>At the time, the <a href="https://www.wsj.com/articles/lake-tahoe-property-sells-for-1-6-million-in-bitcoins-1407534997">Wall Street Journal said</a> the buyer was a "Silicon Valley entrepreneur", which Palihapitiya now says was him.</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More: </em></strong><em data-stringify-type="italic"><a href="https://www.businessinsider.com/stocks-to-buy-26-economic-recovery-low-rates-goldman-sachs-2021-2" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/stocks-to-buy-26-economic-recovery-low-rates-goldman-sachs-2021-2" data-sk="tooltip_parent">GOLDMAN SACHS: Buy these 26 'best of both worlds' stocks set to soar with economic recovery even if interest rates stay low</a></em></p><p>Back then, one bitcoin was worth around $590. But it has since exploded in price, hitting new heights in recent days after <a href="https://www.businessinsider.com/bitcoin-price-record-high-48000-elon-musk-tesla-michael-novogratz-2021-2">Elon Musk's Tesla said it had invested $1.5 billion</a> in the cryptocurrency.</p><p>The <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin price</a> stood at around $44,750 as of 11.20am ET on Wednesday, after hitting a record high of above $48,000 on Tuesday.</p><p>Bitcoin's surge meant that on Wednesday Palihapitiya could have bought $1.6 million worth of land around 75 times over with the same amount of cryptocurrency.</p><p>It has obviously left Palihapitiya feeling some regret at his decision. "#FML," he tweeted.</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More:</em></strong><em data-stringify-type="italic"> </em><em data-stringify-type="italic"><a href="https://www.businessinsider.com/day-trading-changing-short-selling-investor-carson-block-gamestop-reddit-2021-2" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/day-trading-changing-short-selling-investor-carson-block-gamestop-reddit-2021-2" data-sk="tooltip_parent">Short-seller Carson Block says the day-trading revolution that hit GameStop and other stocks is changing the playing field for investors like him. Here's how his firm is reinventing itselfand what he's betting against today</a>.</em></p><p><a href="https://markets.businessinsider.com/currencies/news/chamath-palihapitiya-bitcoin-land-investmet-loss-porn-btc-tesla-2021-2-1030067864#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/why-gucci-clothes-racist-blackface-sambo-2019-2">Why these Gucci clothes are racist</a></p>
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