Anthony Pompliano (aka “Pomp”), Co-Founder and Partner at Morgan Creek Digital Assets, said on Tuesday (August 20) that “we’re at a tipping point now where Bitcoin is here to stay.”
Pomp’s comments came during an interview on CNBC’s afternoon newsroom-based program “The Exchange”, which is usually anchroed by Kelly Evans, but on this occasion, the anchor was Joe Kernen (who is one of the regular anchors on the CNBC program “Squawk Box”).
Kernen asked Pomp whether he believed that Bakkt (the FinTech startup owned by Intercontinental Exchange, the parent of the New York Stock Exchange) receiving approval last Friday (August 16) from regulators to launch its phsyically-delivered Bitcoin futures contracts on September 23 would lead to greater institutional adoption of Bitcoin.
“Yeah, I definitely do. Every single week, we’re seeing more and more infrastructure built around Bitcoin and the crypto markets in general, whether it’s infrastructure around hash rate and mining supporting and securing the network, whether it’s Bakkt with physically-settled futures, the more infrastructure that’s built around this, the more likely it is to never go away. I think we’re at a tipping now where Bitcoin is here to stay, and it’s going to end up being in every institutional investor’s portfolio at some point in the future.”
Pomp was also asked to comment on what he sees as potential headwinds for Bitcoin reaching a much higher than today by the next halving event in May 2020:
“I think there’s three components to this. First, regulation could definitely hurt in the short term. It scares people away… Two, there’s still a lot of people who don’t know what Bitcoin is… So, the number of people who own Bitcoin is still a very small percentage of the world’s population. And then the third piece is [that] it’s still difficult.. It’s not like just calling your broker and buying a stock… I think that friction is still keeping some people out of the market.”