This Crypto Influencer holds 50% of Net Worth In BTC

On Aug 6th, Founder of the capital management firm Morgan Creek Antony Pompliano and Canadian businessman and TV personality Kevin O’Leary appeared as guests on CNBC’s premarket morning news and talk program “Squawk Box”, which was being co-hosted by Melissa Lee and Andrew Ross Sorkin.

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Melissa started the interview titled “Markets in Turmoil”. Initially, she asked Pompliano “How longer Bitcoin continue to be a safe haven asset ?”

In response to this Pompliano said that:

Institutions have spent many years looking for non-correlated assets to use as diversification of the portfolio. Also, We have been voicing for over a year now saying that this is a non-correlated asymmetric asset. However, If you look at times of global instability like in May, where we are kind of lobbying tariff threats and the trade wars are raging on, bitcoin is up 55%. It’s got a negative correlation, so it’s -0.9 to S&P negative -0.8 to gold. I think we’re going to continue to see that play out.

Further, Lee asked Pomp the reason behind the price rise in Bitcoin that we saw in the past 2 days was due to the “threat of a currency war between the U.S. and China, and Sorkin” or  “by Chinese investors buying Bitcoin as a hedge or by other investors buying Bitcoin” and thereby pushing the price up based on their thinking that there will be outflows from China.

Pompliano replied saying he believes the sudden rise in Bitcoin price was probably a combination of both.

Later in the course of the discussion, O’Leary asked Pomp how much he had invested in Bitcoin, Pomp responded that 50% of his net worth is in Bitcoin.

O’Leary replied saying : 

I forbid that! That’s insane! That breaches everything about diversification investing… I teach this stuff… 50%? Shame on you! That’s nuts!

Previously, Pompliano predicted that bitcoin will likely reach $100,000 in the next two-and-a-half years. According to him, this will be driven by the lowering of interest rates by the Federal Reserve coupled with bitcoin halving in mid-2020.

What’s your Bitcoin Price Prediction for 2019 ?Share your thoughts on our Twitter and Facebook pages.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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