I bitcoin enthusiast and crypto believer, Anthony Pompliano during an interview on CNBC Tuesday stated that bitcoin will eventually become mainstream and will be in every institution investors’ portfolio.
Anthony Pompliano, who simply goes by the name “Pomp” on Twitter, is the co-founder and partner at Morgan Creek Digital, SEC-approved crypto establishment which provides investment advice and investment management services to institutional clients.
Speaking on regulatory hurdles that bitcoin has to face with governments and financial regulators across the globe, Pomp outlined some similarities and differences between bitcoin and Libra. As there were very important matters regarding bitcoin being brought to the table, Pomp also spoke on the demerits of trying to regulate decentralized cryptocurrencies like bitcoin and just what it takes for bitcoin to be widely accepted, even by institutional investors.
Bitcoin Adoption Versus Regulations
According to Pomp, bitcoin adoption is solely tied to “regulatory easing”, a condition in which governments and financial regulators have to find a way to coexist with bitcoin and not try to strangulate the technology with their policies. Pomp believes that only a little of the world populations know what bitcoin at the moment and sooner or later, the larger mass of people who don’t yet know about the cryptocurrency will come to do so.
In Pomp’s words,
In less than a decade, there is a decentralized digital currency that went basically from the fringes of the internet to now the discussions of the G-7…
Every single week we are seeing more and more institutions built around bitcoin and the crypto markets in general. Whether it’s infrastructures around hash rates, mining, support, and security network… The more institutions that are built around this, the more that it is it will never go away. And I think we are at a point now where bitcoin is here to stay and it’s gonna end up being in every institutional investors’ portfolio at some point in the future.
The Popular $55,000 Bitcoin Price Prediction
Coming down to the much controversial prediction of $55,000 bitcoin price ahead of the bitcoin May 2020 halving, when asked about why bitcoin was nowhere near the price prediction and if regulations could get in the way of the price expectations, Pomp responded by maintaining that regulation could have a short-term effect on adoption and bitcoin price. However, he also added that compared to the world population, the percentage of people who know about bitcoin presently represent only a tiny fraction.
Although, the measures to adopt bitcoin at the moment, according to Pomp, create friction which discourages potential adopters of the technology, as any first-time adopter majorly has the option of centralized authorities like Gemini and Coinbase. Nevertheless, there would be a net benefit for bitcoin has more people come to use it every day.