Pompliano defends 'cryptocrap' Bitcoin on CNBC's Squawk Box: 'BTC is king'

14 May, 2019
by Jelmer van der Dussen
Pompliano defends 'cryptocrap' Bitcoin on CNBC's Squawk Box: 'BTC is king'

Following the Bitcoin price surge to over $8000, Bitcoin bull Anthony Pompliano was invited to the studio of CNBC Squawka to discuss what's behind the surge of BTC. With Kevin O'Leary also in the studio, it turned into an interesting conversation.

O'Leary said that calling Bitcoin 'disruptive technology' has 'an odor of bs to it'. Pomp: "Everything that is new seems different in the beginning. I think what you have got to realize is that, with Bitcoin specifically, money is a believe system. So the US dollar, we believe it has value, that's why we use it."

"So I give you a dollar, you give me a good or service in exchange. Bitcoin has value because two people who exchange it have value. Look at people using it, that's what matters."

O'Leary: "And what about all the other cryptocrap?"

"I believe Bitcoin is the king and will stay so for a very long time", Pompliano, partner at Morgan Creek Digital, said to that.

O'Leary then shared with Pomp that he had invested in cryptocurrencies following a challenge of students. "I put a $100 into something called Coinbase, I bought them all, the cryptocrap, it's now worth $30. That's a 70% loss on the cryptocrap. That sucks. People should understand that today the hot digital is Bitcoin, tomorrow it can be whatever right?"

Pompliano: "The reason why Bitcoin is getting so much attention. It's the best performing asset in the last decade, adn the second thing is, the institutions are coming in, because Bitcoin is actually a better store of value, it's more transparent and more secure."

Bitcoin crossed $8000 on Tuesday following a big news day in the space, with updates from Bakkt, Microsoft, eBay and WholeFoods all starting their cryptocurrency endeavours. BTC even reached $8300 on Coinbase, and is now trading just above $8100.

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