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The Daily Hodl
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Anthony Pompliano Names Three Reasons Why Warren Buffett Should Buy Bitcoin

by Daily Hodl Staff
August 24, 2020
in Bitcoin
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
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Morgan Creek Digital co-founder Anthony Pompliano says there are three reasons why legendary investor and fierce crypto critic Warren Buffett should buy Bitcoin.

The Oracle of Omaha recently bought over 20 million shares of Barrick Gold worth about $563 million. Buffett also sold off a significant portion of his holdings in Wells Fargo and JP Morgan, while letting go of all of Berkshire’s positions in Goldman Sachs.

In a letter to investors, Pompliano says Buffett would be well-served to include BTC in his portfolio shakeup.

“Warren Buffett and his team have essentially decided to dump bank stocks and start gaining exposure to gold. This is a complete U-turn from the perspective Buffett has publicly stated for many years, which downplayed the value of gold and boasted of the banks’ future prospects.”‘

Buffett’s investment in Barrick Gold is seen as a move to get exposure to the precious metal amid uncertainty on the future of the US dollar. Pompliano believes billionaire hedge fund manager Paul Tudor Jones made a smarter decision when he invested in Bitcoin.

He highlights Bitcoin’s 21 million hard-capped supply as a key reason why. As for gold, the exact supply is unknown.

Pompliano also highlights BTC’s portability, and the fact that it can be moved across the globe effortlessly.

In terms of divisibility, Pompliano says Bitcoin also wins because the crypto asset can be instantly divided into smaller units called satoshis.

The Morgan Creek Digital executive says Berkshire should invest 5% – 10% of its cash position in Bitcoin. However, it’s not likely Buffett will do so anytime soon. In the past, the billionaire investor called the king crypto “rat poison” and said cryptocurrencies have no value.

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