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Bitcoin is the best asset to preserve wealth in the upcoming future says Anthony Pompliano a.k.a “Pomp”, Co-founder & Partner, Morgan Creek Digital.
Some days ago, the entrepreneur who termed bitcoin as a risky investment reconfirmed his statement. He also revealed that he bought more of the asset after the recent market crash when most investors still chose the U.S dollar as their safe haven.
“Money is a belief system, and until now the market believes that Bitcoin is more valuable than everything else,” said Pomp when he was asked if there may be more cryptocurrencies in the market which are investment-worthy.
Bitcoin halving does not count
When asked about the possible impact of the forthcoming Bitcoin halving on prices, Pompliano said that it is impossible for this event to be priced-in, since among Bitcoin holders there is no 100% agreement on the meaning of this event and its impact on Bitcoin’s value. He said that before and after the halving there will be new buyers who aren’t even aware of the event.
That is why, he thinks that “within the 18 months post-halving, we’ll see an explosion in the US dollar price [of Bitcoin]”.
Bitcoin Vs. Gold
Bitcoin has the properties to outlive fiat, especially as it resembles some of the characteristics of gold, which has been around for thousands of years unlike the dollar-based system will eventually fail as most other currencies have failed in the past pointed Pompliano.
Bitcoin and gold both will do well in the near future however, bitcoin remains a better investment given its potential to go higher in value and the openness of its supply says Pompliano.
“How much gold is there in the world? You can’t tell me (…) There is no person in the world who can answer this question. I am not putting my wealth there,” he said.
Economic Crisis? Investment Confusion? Choose Bitcoin
Even though Pompliano has had his long term bullishness on Bitcoin he now admits that people should hold tight to their cash in order to survive the economic crisis started by the COVID-19 pandemic and pay for their immediate needs. Investors should prepare for the upcoming hype in inflation by buying other assets only once the ongoing storm has passed.
“You can put a bandana around your eyes and pick any asset, it will probably go up in price at some point. I have cash, I got a bit of real estate, and then I put my money into Bitcoin to protect my wealth. He further added as he is mainly building his own portfolio on three types of assets“.