After CNN, A. Pomp Heads To CNBC To Talk Bitcoin
After appearing on cryptto-related segments on CoinTelegraph, Ran NeuNer's CNBC's Africa-sponsored Crypto Trader, and most recently and notably, CNN International, Anthony "Pomp" Pompliano, one of the most diehard Bitcoin advocates, cut out some time to appear on CNBC's early-morning Squawk Box panel
Bitcoin is fighting back, struggling to stay above $ 4,000 This crypto expert believes bitcoin will end down at 85% of previous highs. https://t.co/3ZTzmfOEP1 pic.twitter.com/mpTyeh3ZKe
– CNBC (@CNBC) November 26, 2018
Morgan Creek Digital Assets founder Pomp, known for his anti-bank, pro-crypto rhetoric ("short the banks, long Bitcoin"), sat down with CNBC on the wee hours of Monday morning to bring the good word of cryptocurrency to millions of viewers worldwide And while "Pomp" was bearish on BTC in the short-term, it could be argued that his guest appearance was rather successful.
Touching on BTC's recent leg lower, which sent the asset freefalling below $ 5,800, a highly-touted level of support that held three times earlier, the crypto savant drew lines to bitcoin's two historical drawdowns of over 80%. Explaining why this statistic is relevant, Pomp noted that Morgan Creek expects for BTC to trade at ~ $ 3,000, just 15% of its all-time high established in 2017.
Keeping this in mind, the analyst added that there is already the dismal market conditions that crypto has faced
The host, who has been a subject of controversy in the cryptosphere in recent days, asked Pomp is 2018's sell-off would not be Bitcoin's speculators or even those who are faithfully invested in this space for good.
The Morgan Creek partner, arguably one of Bitcoin's most prominent believers, exclaimed that this could not be further from the truth, noting that its core, Bitcoin is the world's most secure transaction settlement layer, so value in BTC is always existed.
He added that cryptocurrencies as a whole is the best performing asset class in the past decade, even ousting the U.S. equities market, which has been on its longest and most notable bull run decades Pompliano then added that while bitcoin has undergone drastic decline in the past, it remains a promising investment. And last but not least, the proponent added that this was all catalyzed by retail players, not the high net-worth individuals that speculators have been clamoring for.
A panelist, apparently slightly perturbed by Pomp's comments on Bitcoin, asked the diehard about what sets cryptocurrencies apart from any historical "tulip mania," evidently referencing the long-time belief that this nascent market is this millennium's 'mother of all bubbles'.
Taming his anti-bank sentiment back, Pomp responded calmly, pointing out that the institutions have been entering into this market, but rather through over-the-counter desks, instead of spot inventions that lower liquidity and stricter price swings to susceptible.
Closing off his appearance on a high note, Pomp noted that his firm, Morgan Creek, would be over the moon to buy BTC at $ 3,000, and will continue buying at the current levels until the sun burns out, so to speak.
Why Such Appearances Are A Bullish Sign
As aforementioned, while Pomp was not 100% sold on Bitcoin's short-term prospects, his appearance on CNBC should be a hot topic, however.
"Why?" You may be asking, well let me explain.
Since the cryptocurrency market began its run-up in early-2017, mainstream financial media outlets, namely CNBC, Bloomberg, Forbes, and the Wall Street Journal, began to incessantly cover the world's flavor of the month, as it were. This, of course, sparked a short-term bout of global adoption, coupled with speculators' blazing passion to turn a profit, subsequently sending BTC to the moon, to put it lightly.
While outlets have scaled back their coverage in 2018's cryptos market, almost going radio silent on cryptto for weeks, pomp's recent appearance on CNBC and CNN, which comes amid times of investor despair, cements the fact that these outlets still see value and interest in cryptocurrencies, a bullish sign in and of itself.
Title Image Courtesy of Aziz Acharki on Unsplash