Renowned Bitcoin evangelist, Cofounder, and partner at Morgan Creek Digital, Anthony Pompliano, who goes by the name Pomp on Twitter got reproached in an interview in which he had to declare how much of his money he had invested in Bitcoin. It wasn’t surprising to hear Pomp respond by saying 50 percent. However, that didn’t sit down well with Kevin O’Leary, Chairman O’Shares ETFs, and Beanstox Inc who promptly disagreed and called it “a shame” on Pomp for having made such investment choices.
Bitcoin Meets All Criteria Necessary For Institutional Adoption
In a debate between Pomp and O’Leary in which Pomp explained why bitcoin was the only cryptocurrency trading within the tens of thousands of dollars region against the USD, Pomp remarked that institutions had the obligation of looking for assets that were not correlated to the rest of the market especially during the times of global instability where market drawdown was highly possible. And as bitcoin meets all these criteria, it, therefore, was irresponsible for institutions to have no exposure to bitcoin.
According to Pomp,
It will be such irresponsible for an institution to not have exposure to the asset. And the reason is, their job is to find assets that could provide non-correlation to the rest of the market especially during the times of global instability when there’s likely to be market drawdown. Bitcoin is providing that data. It’s not personal opinion…, the math suggests it is non-correlated.
Pomp Holds 50% Of His Net Worth In Bitcoins
At the height of the tension when Pomp shared his investment opinion during the interview, O’Leary reproached Pomp for his decision about having bitcoin make up 50% of his investment portfolio. Kevin explained that investment on a one stock or asset should not exceed the 5% of every investor’s portfolio.
“I forbid that! That’s insane! In any one stock, never more than 5%. In any sector, never more than 20%. I teach this stuff you never go beyond concentrations of that nature. 50%? shame on you! That’s nuts!”