As reported by U.Today previously, the co-founder of Morgan Creek Digital, Anthony Pompliano, today spoke about Bitcoin on a CNBC show, explaining why Bitcoin is so attractive.
He said in particular:
Bitcoin is not manipulatable, not seizable, not centrable.
Over time more and more people would choose a currency that a government does not control.
When explaining these advantages, Pompliano stated that Bitcoin can be attractive to various countries for various reasons.
- If you live in a country with hyperinflation, the government will be unable to debase Bitcoin.
- If you live in a country where the government or somebody else wants to seize your currency, then Bitcoin is something that cannot be seized or confiscated.
- If you live in a country where there is a risk of being censored, then Bitcoin can be attractive for its noncensorbility.
It [Bitcoin] brings different value to different groups of people.
A good example of the first use-case is the recent Bloomberg report of Venezuela’s government wishing to start buying Bitcoin and Ethereum to use them as holdings for its international reserves.
The country has been suffering from hyperinflation since last year and has tried to solve the problem by launching its own oil-backed cryptocurrency Petro.
Bitcoin is going to co-exist with fiat, says Pompliano
When asked about future co-existence of Bitcoin and fiat money, Pompliano said that Bitcoin and the USD, as well as currencies, are going to co-exist.
I don’t think that Bitcoin is going to disrupt every currency in the world.
Bitcoin will be just another currency that some portion of the population chooses to use.