EXCLUSIVE - Pomp is "50% sure Bitcoin will close 2019 below $5000"

18 Feb, 2019 | Updated: 18 Feb, 2019
by Alberto Arnaldo
EXCLUSIVE - Pomp is 50% sure Bitcoin will close 2019 below $5000

Anthony Pompliano, founder and partner at Morgan Creek Digital Assets, thinks there is a 50 percent chance that Bitcoin will close 2019 below $5000. Pomp said this during an interview with Chepicap in Amsterdam. 

Pompliano was in Amsterdam for the weekend and held a last-minute meetup in The House of Nakamoto, a Bitcoin retail store which hosts a BTC ATM, showcases crypto-related art and sells Bitcoin prepaid cards and merchandise. The first shop opened its doors in Vienna back in 2017 and the second one was inaugurated back in October 2018 in the heart of Amsterdam.

Despite the chance for talking with the crypto Twitter personality was known with little anticipation, there were plenty of crypto enthusiasts waiting for Pomp. Some of them had even travelled more than 200 kilometers to get there, which applied to distances in The Netherlands, is pretty much crossing half of the country.

Eventually there were between 20 to 30 people at the meetup, some of which posed for a picture later shared by Pompliano through his Twitter account. The audience was a multisectoral one, with a slight prevalence of team members from blockchain and crypto related firms and startups. Traders, both professional ones from the local stock market and others who buy the dips and sell the peaks on their own, were also represented. Other attendees included a Bitcoin watch maker, and a couple of reporters.

After the general introduction, Pompliano engaged in a chat with us.

WATCH: 'Bitcoin Bull' Pomp predicts price of BTC in 2019

Special thanks to BitcoinMagazineNL for filming the interview. 

'50% confident BTC will close under $5000'
The Morgan Creek partner is often portrayed as one of the biggest Bitcoin optimists out in the space. However, when asked for his predictions for the closing price of BTC for 2019, Pompliano said there was still room for more price action downwards:

“I am always a Bitcoin bull, in the long term. I think that we probably have not seen the end of the bear market, and that we are probably going to be moving sideways for much of 2019. (BTC could close 2019)… anywhere between $2,000 and 4,000. I am about 50% confident that it will close under $5,000 at the end of the year”.

Read more: Anthony Pompliano says crypto will outperform stocks again in next 10 years

With regards to the future, Pomp has no doubt that Bitcoin is strengthening its currency position when compared to fiat means of payment such as the euro or the U.S. dollar: “Every day that passes is a day closer to Bitcoin becoming the reserve currency of the world […] The question is, how much higher can it go on that list: will it make it to the top 50? Top 10? Could it be number 1? […] My hope is that it will become the global reserve currency”

Pompliano referred to several situations of funds being blocked or inaccessible in banks such as the Spanish BBVA, or similar events such in institutions such as JP Morgan and Wells Fargo: “all of these things in the developed world, are bringing adoption and driving awareness; as long as the legacy financial system keeps on messing up, it presents an opportunity for something else to take hold, and that works in Bitcoin favor”.

'Perfectly fine being wrong in public'
When asked about the pillars sustaining his personal brand and position inside the crypto space, the answer came from the personal side: “I have an unnatural comfort being uncomfortable, and I am perfectly fine being wrong in public”.

Pomp, who manages to stay positive in the middle of an important price downtrend, wants to take some attention of the fiat to crypto rates: “Price is just a distraction on the way up and on the way down. The fundamentals are much more important and they have not declined, they have actually improved, and that is why I am even more bullish today than any other time.” He also had one tip in store for those aiming to replicate his investment mentality: “The key to investment is doing something else than what everybody else does, and being right”.

'Incredibly impressed by CZ'
Although the main person (or group) that Pompliano had to praise in the space was Satoshi Nakamoto, he also had similar feelings towards other well-known personalities such as Jeff Garzik, Roger Ver and Hal Finney. Besides, when asked about his opinions on CZ, he defined the CEO of Binance as an “executor”:

“I’ve gotten to known him, and I am incredibly impressed by him. In less than 18 months, he built up a company with 400 employees, I think about $480 million in profits last year… the guy is just an executor: he gets an idea, he gets it done”. Anthony also commented on the regulatory approach followed by Binance: “CZ tries to follow the rules, and when he feels there is something wrong, he speaks up about it”.

Finally, Pomp wanted make a clear distinction between institutional investors and banks, “who have a centralized approach to a decentralized world”. He believes that institutions jumping now into crypto such as the pension funds partnership recently announced by Morgan Creek Digital Assets, are just looking to invest, meanwhile banks are trying to build things, with the wrong approach to the space.

Read more: Pompliano discusses $40m venture fund: "product of a lot of work."; What does Bill Gates have to say about Bitcoin?

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