The Bitcoin price may be taking it on the chin, but it’s looking a lot better than the tanking stock market. Bitcoin’s declines also didn’t stop Morgan Creek Digital Partner Anthony Pompliano from singing cryptocurrency’s praises to the masses. He visited CNN’s Julia Chatterley at the New York Stock Exchange for the segment.
From central bank-backed digital currencies to Bitcoin mining’s power consumption to Warren Buffett’s latest cryptocurrency controversy, Pompliano touched on it all, giving mainstream viewers a glimpse into a decentralized future. And while Bitcoin may still have some issues to work through, Pomp is convinced that it is not suffering from a PR problem.
Let’s start with the markets. If you ask Pomp, as he’s known, bitcoin is doing exactly what it was designed to do during these times of global turmoil, and that’s preserving wealth. While you might expect the cryptocurrency market to rally as a safe-haven asset should while the threat of the coronavirus epidemic rattles equities, the fact that it is basically holding steady says a lot, according to Pomp:
“Bitcoin over a long period of time has been a non-correlated asset….When we see times of global instability, geopolitical uncertainty, things like coronavirus, etc., stocks, bonds, gold, etc. kind of do what you expect them to do. Bitcoin doesn’t do that. And so the fact that it doesn’t go up is not bad. It’s a non-correlated asset so it’s doing exactly what it’s supposed to do for your portfolio.”Incidentally, gold, Bitcoin’s rival store-of-value asset, is similarly trading in the red today, so investors are bailing all over the place. [Gold Price]
“I think #Bitcoin has a PR problem, a "#GretaThunberg 2020" not green energy PR problem – agree or disagree?@APompliano, “Disagree!”@firstmove after hours, AKA Julia still wasn’t giving up!! $BTC pic.twitter.com/uTRbIByFvj
— Julia Chatterley (@jchatterleyCNN) February 25, 2020
Bitcoin Mining and Power Consumption
While price is where retail and institutional investors may focus most, it’s not the only characteristic of Bitcoin.[jnews_block_28 second_title=”Featured Stories” header_type=”heading_5″ number_post=”3″ boxed=”true” show_border=”true”]
Power consumption is one of the biggest issues that the industry is facing, given the amount of energy it takes to keep the Bitcoin mining machines running. [Blockchain Analytics]
Chatterley was quick to bring up Bitcoin mining, suggesting that given the popularity of a polarizing figure such as Greta Thunberg, bitcoin has a “PR problem.” Not surprisingly, Pomp said he completely disagrees, pointing to the different types of renewable power sources that Bitcoin miners are increasingly seeking out.
Warren Buffett Should Stay in His Lane
Unless you’ve been living under a rock, you’ve heard about the latest cryptocurrency controversy involving Warren Buffett. After finally dining with Tron CEO Justin Sun, Buffett revealed that he doesn’t own any cryptocurrency, and he never will. Basically, he is fixated on the illicit activity taking place in the industry and can’t get over the fact that Bitcoin doesn’t pay dividends. Pomp, however, seems to suggest that Buffett should stay in his own lane of value investing, saying,“I don’t really take technology advice from someone who uses a flip phone or doesn’t use email.”
Pompliano also envisions a world comprised of central bank-backed digital currencies, but he isn’t worried about the competition for cryptocurrency. As far as he’s concerned, Bitcoin’s monetary policy is better than that of any central bank.“I don’t really take technology advice from someone who uses a flip phone or doesn’t use email,” punchy as ever @APompliano of Morgan Creek Capital on @firstmove tackling Warren Buffett, $BTC utility value and the high energy intensity of $BTC mining. pic.twitter.com/SZw8NinHF5
— Julia Chatterley (@jchatterleyCNN) February 25, 2020
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Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.
Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.
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