President Donald Trump’s terrifying tweets on Bitcoin and Libra has become the topic of attention. In the latest interview with CNBC, Morgan Creek’s Anthony Pompliano mocks at Trump’s tweet and states that “Bitcoin has no CEO to send letter for a hearing”.
Libra v/s Bitcoin
Popularly known “Pomp” discussed at the CNBC’s Squawk Box about “Trump’s firing Bitcoin tweets where the president says he is not a fan of Bitcoin and Libra must follow banking regulations”. Referring to president’s note on Bitcoin and Facebook’s Libra, Pomp says
“With Bitcoin, there is no CEO”. As earlier, US’s congressional committee sent a letter to Facebook CEO and other two key leaders behind Libra cryptocurrency to attain the clarity and company’s plan behind Libra, Pomp quickly notes that “There’s no headquarter, You can’t send a letter or send somebody in for a hearing”.
— CNBC (@CNBC) July 12, 2019
Pomp further compared Libra with the incident of Napster, a software that allows free downloading of music files which got closed back in July 2001 due to the lawsuit against CEO/founders of Napster. He says the same thing is happening with Facebook over its Libra launch.
Napster is very similar to what Libra is experiencing now..there’s Facebook to go after, there are other corporations that are participating that you can pressure and regulate.
With that, he continued emphasizing the decentralized feature that Bitcoin carries, he says;
So I think that the completely decentralized nature of the asset is what makes it so compelling to people and we’re seeing that kind of play out right now, Pomp said. It’s really highlighting the beauty of Bitcoin.
Yesterday Was a Big Day
While talking about the Govt’s view of regulating monetary policy, Pomp thinks until there’s 51% of people that agrees to change the current algorithm, monetary policy, it wouldn’t change and he adds that ‘it’s not going to happen”. But in contrast, bitcoin itself has grown in such a decentralized fashion that “It is just too big to fail at this point”.
Explaining the revolution of Bitcoin and current monetary policy, he gave an example of Amazon revolutionizing the retail industry.
I think policymakers are not going to want to destroy it either or prevent ownership of it either as they finally understand that you could take the friction of transferring money to whomever you can take it to zero.
He further notes “Yesterday was such a big day” – wherein Federal Reserve Chairman compared the multi-trillion-dollar asset, Gold which is the thousands of years old asset with a billion-dollar asset Bitcoin which is just ten and a half years asset. Above all, President chimes in on the same day are just like icing on the cake.
“I think that what we’re seeing is a shift in what we trust. Do we trust humans or do we trust the algorithm?”
Image Source – Pomp Twitter