Pompliano Says US a ‘Big Winner’ in Crypto Race

‘If BlackRock wants Bitcoin, I want some’

Anthony Pompliano, speaking to the team at CNBC Squawk Box, emphasised Bitcoin as a forward-looking, free market asset, noting that despite its significant value increase (150% over the last 12 months), 70% of its circulating supply hasn’t moved in a year. This unusual holding pattern, despite the asset’s growth, suggests that Bitcoin holders are reluctant to sell, especially to Wall Street. This scarcity and steadfast holding behaviour create a feedback loop, driving prices up as demand increases and available supply remains limited.

Bitcoiners are not selling that Bitcoin, they’re not going to sell to Wall Street. And so Wall Street is going to have to continue to bid up the price.

Anthony Pompliano

Global Hashrate And Ownership

Pomp said that the Bitcoin hashrate is 35% in the United States, which eventuated after China’s Bitcoin ban. Actual asset ownership is harder to determine because wallets can’t necessarily be traced back to geographic locations. However, Pomp said that capital flow points to the US and Asia being the regions with the most cash flow associated with Bitcoin – with Europe lagging behind. This, coupled with regulatory moves to punish bad actors, makes a bullish case for the US in Pomp’s book.

And so I think that America is going to be a big winner in the Bitcoin and cryptocurrency race. We see companies being built here, Coinbase being a fantastic example of 330% over the last year to date.

Anthony Pompliano

CNBC Host Makes Argument for Crypto

Co-host Joe Kernen then tried to get Andrew Sorkin to commit to when he would accept Bitcoin as an asset. Kernen asked Sorkin what it would take for him to accept Bitcoin – Sorkin said he would buy it for his kids if it went down to USD $5,000 (AUD $7,600).

Pompliano argues that Bitcoin is more than just a speculative asset but a fundamental shift in the understanding of value and finance, positioning it as a significant player in the global financial system.

Whenever I talk with someone in private and they ask me about Bitcoin, I tell them it’s very simple. If you think that the Federal Reserve and other central banks are going to have to print capital or print money in order to finance all of this debt, then you’re going to want to be in something other than dollars.

Anthony Pompliano

Pomp questioned the concept of intrinsic value, suggesting that it is subjective. He illustrated this by saying if two people assess the same asset and come up with different intrinsic values, it indicates that intrinsic value is not a fixed property of the asset but rather a matter of personal perspective. Essentially, what is perceived as intrinsic value is simply the differing opinions of individuals.

I think what Bitcoin’s really doing is it’s showing there’s this new view of the world. So far it’s been right. If it continues to be right, there will be trillions of dollars that’s going to the asset.

Anthony Pompliano