The American investor, co-founder of Morgan Creek Digital and famous crypto personality Anthony “Pomp” Pompliano recently stated that he keeps half of his weight in Bitcoin. He explained his investing strategy and skepticism towards fiat currency in an interview that was spread on many best cryptocurrency news sites all over the Web.
When asked about his wealth and savings, the famous crypto personality said that he thought that putting 50% of his wealth in BTC was initially a risky move. However, Pompliano said that risk is relative for every individual. As his statement shows, he has a clear profile that he wants to undertake:
“I would make the argument that having 100% exposure to fiat currencies is a really bad idea. Right? Because if one of those fiat currencies that you have 100% of your wealth in either hyperinflates or fails, you’ve got a lot of problems.”
As a famous crypto personality, Pomp is in the headlines almost every day. In this interview, he stressed the need for more diversification which leaves the question of how much one should divert from a fiat currency into a digital one.
He also noted that BTC has the most secure computing network. Featured in the latest cryptocurrency news, the famous crypto personality said that Bitcoin’s “defense-first approach actually leads to a great offense and drastically increases the probability that bitcoin will one day be the global reserve currency of the world.”
When asked about it being a reserve currency, Pomp noted:
“For sure the nation state with the greatest military has always controlled the global reserve currency. […] things that previously have allowed a nation-state to control the global reserve currency — military superiority, economic sanctions etc. — all the sudden are much less effective, and what I believe is going to occur is the country or the monetary system that has the greatest defense actually is in a position to dominate.”
Earlier this week, the same famous crypto personality Anthony Pompliano said that Bitcoin will hit $100,000 by the end of 2021, explaining that the basic principle behind his forecast was the classic supply and demand economics which are valid for the digital asset class.
Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
Bitcoin Retook $11,000 But Dropped Overnight
"If $btc goes to $100, it is game over. IT WON’T. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. $btc is consolidating before its next move higher. Let it work for you."Hopefully the fan took the former hedge fund trader's advice because the price of Bitcoin rose about 5% at its best levels today. What's also hot in the altcoin news is Libra's pain which is seen as Bitcoin gains. The long-expected cryptocurrency and the rumors around it made a lot of waves in the community, leading Bitcoin to surge, fall, surge and fall. Even though many think that David Marcus has been the face of Libra, CNBC recently reported that a 26 year old named Morgan Beller is the actual head of strategy at Calibra (Libra's wallet) and was the main inspiration behind Facebook's crypto aspirations. The fact that Bitcoin retook the $11,000 level is also somehow linked to this. “Morgan was really the first one, at least to my understanding. She’s done a fantastic job of getting other people in the cryptocurrency communities to get on board with Libra. She has a very outsize value-add from that alone.” one researcher at CNBC stated. The Bitcoin price is off the highs on the day and is right now hovering at $10,600 on many exchanges which is why it is featured on many best cryptocurrency news sites.
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
“[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
“We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
“There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
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