Bitcoin is back in mainstream news as it continues to outperform traditional assets. While BTC proponents continue to praise the technology, new-comers and fresh investors are back at attacking the asset stating it lacks utility.
Recently, one of the most popular Bitcoin supporter and founder of Morgan Creek Digital, Anthony Pompliano, and another celebrity VC, shark tank’s Kevin O’Leary locked horns at a CNBC interview for the same debate: Bitcoin’s value proposition.
Kevin O’Leary was absolutely against Bitcoin and cryptocurrencies which was evident in his choice of words for it which included B*ll Sh*t and Crypto Cr*ap, He said,
I see nothing here except raw speculation. Where is the intrinsic value inherent in deploying real money and putting it in Bitcoin? The regulators don’t like it… Where is the long term value?
According to O’Leary, Bitcoin is a ‘game’. Moreover, he also criticized the Bitcoin halving mechanism which reduces the value of mining rewards by half every four years. However, his criticism seemed to be coming from ignorance towards the system and lack of knowledge about it. He continued to bash Bitcoin as a glorified game.
However, Pompliano who is popularly known as ‘Pomp‘, who made the phrase Long Bitcoin, Short the Bankers famous held his conviction towards Bitcoin. He revisited the value propositions of Bitcoin due to its demand and supply economic system to which O’Leary seemed oblivious nonetheless. Pomp said,
“It’s a disruptive technology… Money is a belief system. So the only reason why you, and I use it because we belive it has value… Look at the volume. Look at the number of people using it.”
Furthermore, Pompliano went on to challenge the favorite saying of naysayers of ‘how regulators hate Bitcoin’. According to him, the regulators are actually coming around on Bitcoin because of its unified public ledger and transparency, which makes it very easy for tracking the movement of funds.
“I have interviewed a DA agent who came on and they would love for criminals to use Bitcoin over US Dollar and cash. Its much more traceable.”
Last but not least, Pomp also reiterated the fact Bitcoin is a “Non-correlated asymmetrical asset” that is must in your investment portfolio, more so ever, because the bull market is back. The institutions like Fidelity and Bakkt are coming for it as well. However, Kevin continued to doubt Pomp’s optimism dubbing it as “Garbaage” and said that he would entirely abstain from making any investment in it.
Which side are you on, the Bankers or Bitcoin? Please share your views on the debate.
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com