Bitcoin has been around the $12,000 level for a while already. This prompts crypto experts to believe that we are currently in another bull market.
One of them, Anthony Pompliano, who is a frequent guest on CNBC and ‘preaches’ about Bitcoin on their shows, has published a list of basic rules of how to invest correctly and reasonably when you deal with crypto.
It could be useful either to newbies or to those who hodl crypto already but may lose their head seeing that Bitcoin is attempting to regain at least its 2017 ATH.
The ‘ten commandments’ for a crypto investor from ‘Pomp’
The co-founder and a partner at Morgan Creek Digital, ‘Pomp’, reminds the community of several crucial rules that any crypto investor must follow in order not to lose their money and then call crypto ‘a scam’.
Many, not careful investors, who are ignorant of how the crypto market functions, have lost much more than they could afford to and joined the camp of those who call Bitcoin a fraud.
Important reminder as we enter the next Bitcoin bull market:— Pomp 🌪 (@APompliano) August 7, 2019
- BTC is very volatile
- You can lose all of your money
- Only invest what is ok to lose
- Twitter is not investment advice
- Don't buy BTC with credit cards
- Keep low time preference
- Do your own research
In the comment thread, one user suggested another advice – ‘do not keep your crypto on exchanges’ – and Pompliano admitted that this is also a useful one.
50-percent allocation in Bitcoin
The other day, when talking to Kevin O’Leary on CNBC, Anthony Pompliano admitted that his net worth is over 50 percent in Bitcoin.
As per O’Leary, an investor, a CNBC host and writer, that is a serious mistake and a violation of investor’s basics, whether he operates in the crypto market or with traditional assets. He criticized ‘Pomp’, saying “Shame on you! That’s nuts!”
In return, Pompliano explained that Bitcoin price is going to keep rising and called that a maths-proven fact, not a personal opinion. He stated that the lack of exposure to Bitcoin for any financial institution is irresponsible these days.