Anthony Pompliano is a partner and a co-founder of the Morgan Creek Digital fund and a prominent crypto investor, as well as a Bitcoin advocate. When often appearing on CNBC’s shows, he explains things to do with Bitcoin and tells a wide audience why BTC is becoming more and more popular with investors.
During the recent Squawk Box show, he explained why the current Bitcoin price is going to keep rising.
At press time, BTC is sitting at the $11,806 mark.
Investors seek to diversify their portfolio
When asked by the host about how long the Bitcoin bullish rally would last, Pompliano, known on Twitter as ‘Pomp’, explained that investors have been seeking assets to hedge their risks against the global economy turmoil.
"There's people around the world that are electing to put their wealth into something that is controlled by software and cannot be manipulated by a single country or politician," says @apompliano on #btc pic.twitter.com/3ZpE53xl91— Squawk Box (@SquawkCNBC) August 6, 2019
For over a year, he said, their hedge fund, Morgan Creek Digital, has been seeking such an asset that would protect investors from the uneven performance of traditional indexes, such as S&P 500, NASDAQ, etc, and decided to use Bitcoin.
As per Pompliano, more and more retail and institutional investors are choosing Bitcoin, since it is controlled by software, not people, and cannot be manipulated by regulators or governments.
The community’s reaction
Overall, the crypto community gives ‘Pomp’s’ TV appearance a warm welcome in the comment thread. So it was this time.
However, some Twitter users initiated tiny arguments about what Pompliano said in the interview. One user argued, saying that Bitcoin is vulnerable to hacker attacks.
Can only be controlled and manipulated by unelected hackers— JohnnyBeeDawg (@JohnnyBeeDawg) August 6, 2019
Another opponent mentioned the recent reports about North Korea stealing BTC and other crypto for its military needs. Pompliano responded to that and said that oppressive regimes use not only crypto but a lot more often they go for fiat currencies to fund their aggressive external policy.