Victor Ugochukwu · Dec 14, 2020 . 5min read
Bitcoin bull Anthony Pompliano says “Nothing better than Bitcoin”
This sharp surge in price has drawn for Bitcoin praises from its proponents, one of which is Anthony Pompliano who says nothing better than bitcoin.
By Victor Ugochukwu · Oct 10, 2020 . 6min read
After dancing around $10k region for a while with people even calling Bitcoin a stablecoin for this price stability, the foremost digital cryptocurrency has now surged past its resistance trading above $11,300 as at press time. This sharp surge in price has drawn for Bitcoin praises from its proponents, one of which is Anthony Pompliano who said “Nothing better than Bitcoin”.
Anthony Pompliano, a popular Bitcoin bull and co-founder of Morgan Creek Digital, made this remark in the wake of Bitcoin which broke its resistance recently. Pompliano goaded institutional investors as he tweeted,
At this point, you’re violating your fiduciary duty if you invest capital on behalf of an institution & you have no exposure to Bitcoin.
Your job is to find the best risk-adjusted returns.
Nothing better than Bitcoin.
About time we all start saying it loudly, so they listen.
Delving deeper into Pompliano’s motive in his recent tweet, one could say “Pomp” is referencing Square’s recent investment in Bitcoin. The payment company invested $50 million in Bitcoin recently, which represents 1% of its assets. Since Square pumped in $50 million into Bitcoin to the time Anthony Pompliano tweeted, BTC price has gained 7.32%. That is to say Square made at least $3.6 million in less than 48 hours on its investment.
Anthony Pompliano is a hedge fund manager who understands that the risk-free rate of return is almost getting negative today. And as one who established Morgan Creek Capital in 2018 to fund a hedge fund focusing blockchain technology and digital assets, Pompliano understands the merits of the sector.
Not everyone thinks like Anthony Pompliano concerning Bitcoin.
While Pompliano has continually voiced his belief in Bitcoin, some other critics scorn Bitcoin and cryptocurrency investors. Most especially institutional investors like Keith McCullough, CEO of Hedgeye Risk Management who recently dumped all his Bitcoin holdings. Crypto supporters are always quick to point out that Bitcoin volatility is a feature and not a bug. After all, even Bloomberg reported that bitcoin was the best performing asset class of the last decade. This performance happened even while the cryptocurrency has experienced office dump in the past. For context, Bitcoin is just eleven years old as the network went live on January 3rd, 2009.
Anthony Pompliano is loud about Bitcoin today but it is not just about the noise, much more is happening. As at press time according to data from Bitcoin Treasuries, institutional investors hold over half a million BTC. Microstrategy takes the lead while Square comes in third in institutional Bitcoin holdings.
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