Pompliano On Skepticism Towards Fiat Currency And Investing 50% Of His Wealth In BTC

Many stalwarts in the industry have come out in public support of Bitcoins and they have simultaneously practiced what they preach.Many of these industry experts who have backed BTC have decided to invest a significant amount of their wealth in Bitcoins. One such figure is American investor and co-founder of Morgan Creek Digital Assets Anthony “Pomp” Pompliano.

In a recent interview with Cointelegraph, Pompliano disclosed that 50% of his wealth is in Bitcoins, and that he harbors sufficient skepticism towards Bitcoins. To any layman, and even people from within the industry, this move might come off as a risky gamble given the volatility associated with crypto, but Pompliano believes that this risk is is relative for every individual. He said:\

“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.”

Pompliano emphasized on how BTC has a more secure digital network and how “its 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.”

It is true, that by the virtue of Bitcoin being a digital currency, it does offer increased security and a more transparent network, while the same cannot be said for fiat currency. He further stated:

“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.”

Pompliano used the basics of supply-demand economics to predict that bitcoin will hit $100,000 by the end of 2021. All we can say is that, this remains to be seen.