Anthony Pompliano to CNN: Bitcoin Is Not Dead – It’s Beating Stocks, Bonds, Currencies and Commodities
Appearing on CNN International, Morgan Creek Digital Assets founder Anthony Pompliano addresses why he and many crypto advocates, entrepreneurs and enthusiasts remain committed to the new technology in the midst of the most recent Bitcoin price plunge.
“We have very deep conviction on a long-term basis. And if you look at the fundamentals, the 24-hour transaction volume on the Bitcoin network is about $4.6 billion as of lately, and the market cap is $74 billion. So that’s about a 16-times multiple of transaction volume for market cap. That’s very similar to Mastercard which does about $11 billion worth of transactions and is valued at about $180 billion. So from a value perspective, it’s right there on par with Mastercard.”
Went on @cnni to talk about why Bitcoin isn't dead.
Don't listen to the noise. Focus on the fundamentals. pic.twitter.com/hgwR7eyhND
— Pomp 🌪 (@APompliano) November 23, 2018
Pompliano says that despite Bitcoin’s relative youth as a payment rail, with 10 years on the tech scene – compared to Mastercard which was founded in 1966 – it’s beaten stocks, bonds, currencies and commodities in terms of performance. Over the next 10 years, his research forecasts that public equity performance will be relatively “bleak” compared to that of cryptocurrencies.
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When challenged about the true value of Bitcoin and cryptocurrencies, and what the fundamentals really support – BTC trading between $1,000 – $3,000 – Pompliano says they look at transaction volumes.
“I think that all of this has been driven by retail investors. There’s been very few institutional investors in the space pre-2018. And we tend to think that the work done today is going to lay the groundwork for the price movements moving forward over the next two to three years.”
— Dennis Parker⚡️ (@Xentagz) November 21, 2018
Since Bitcoin’s slide from an all-time high of nearly $20,000 late last year to its current price around $4,385, crypto naysayers such as Warren Buffett, Jamie Dimon and Nouriel Roubini reiterate their position that the crypto markets will end poorly, while crypto bulls point to Bitcoin’s previous crashes and multiple comebacks.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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