Bitcoin bull and Morgan Creek Digital co-founder Anthony Pompliano says that the new wave of retail traders will defect from the traditional markets and flock to crypto markets.
Appearing on CNBC, Pompliano asserts that Wall Street’s rampant manipulation and double standards against retail investors would trigger an exodus into the decentralized meritocracy of the digital asset market.
“We’re just watching the acceleration, where these people are going to pick up their ball and they’re going to go play elsewhere. And they’re going to move to the digital decentralized financial system that is a free market that operates as a meritocracy, where the best idea wins. If you’re right, you profit. If you’re wrong, you lose. There’s no bailouts, there’s no circuit breakers, there’s no hours of operations, there’s no one to call to halt the trading of a stock. If you’re right, you profit, and if you’re wrong you lose. But that’s no longer happening in American financial markets. We now have manipulated markets where the free market does not reign, and therefore we’re going to accelerate the digital decentralized financial system that’s being built now.”
The host of “The Pomp Podcast” goes on to note that technology, which he calls “the great equalizer,” has now created a level playing field between the big financial institutions and individual traders by giving them access to both information and the markets.
“You don’t need a Bloomberg terminal to play in the public markets anymore. You can literally just have an internet connection. Communication tools; You don’t have to go to the idea dinners, you can go on Reddit, you can go on a Telegram chat, you can go on Twitter… I no longer need a traditional brokerage account, I can simply go on a Robinhood or some other peer competitor to theirs…
Just like people will defend short-sellers and they will say, ‘Short-sellers are part of a healthy market,’ they will make the claim that we need short-sellers to have that efficient market and to have that check on the bulls and the longs. Well, we need the retail investors to be a check on Wall Street. If we go back in history, retail was right about Bitcoin, retail was right about Tesla, retail was right about GameStop, and so maybe we should start to think that retail isn’t as stupid as everyone on Wall Street thinks they are.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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