Bitcoin has steadily increased in popularity over the years, and there has been an ever increasing number of influential personalities as well as institutional investors getting involved in the king of cryptocurrencies.
This interest includes a larger number of institutions and companies that have shown their interest in a very active fashion. Even though the old guard of economists are suggesting that we should be working to ban cryptocurrencies like Bitcoin, the founder and CEO of Morgan Creek Digital Capital – Anthony Pompliano – argued that “banning Bitcoin will drive more adoption”.
The CEO / Co-founder made this statement in light of comments made by the United States Congressman – Brad Sherman – who recently made a very public statement that the US should make cryptocurrencies illegal in every iteration. Pompliano made himself very clear when he stated the following:
“He believes that the purpose of these digital currencies “is to solely aid in the disempowerment of the United States and the rule of law.” These comments were part of a broader statement made while trying to “look for colleagues to join me [him] in introducing a bill to outlaw cryptocurrencies…purchases by American citizens so we nip this in the bud.”
Pompliano has made a name for himself in the kind of bullish approach that he has towards cryptocurrencies, especially Bitcoin. He goes on to argue that it is only because US politicians are railing against the power and prestige that they are losing thanks to the fact that Bitcoin is a prominent challenger to the established order.
He asserts that, not only is this Congressional assumption a brazen display of political sore losers, but also somewhat hilarious in his futility. Pompliano argues that introducing a blanket crypto ban would be ridiculous and completely ineffective because the “laws would be nearly impossible to enforce”.
The Co-founder and CEO of Morgan Creek Digital Capital went on to add that the kind of hostile comments and approaches by US politicians does nothing but harm the market, especially where cryptos and FANGs walk together. This is very much the case when Facebook has walked away from a previously prohibitive attitude towards crypto and is jumping on it itself. He states:
“If Congressman Sherman is upset that Bitcoin could hurt the prospects of the US dollar, wait until he finds out that Facebook has the possibility of becoming a digital central bank to 2+ billion people around the world. Simply, the genie is out of the bottle and fiat currencies backed by sovereign nations are in deep trouble.”
Pompliano went on to further opine, arguing that by adding Bitcoin to the Country's financial and trading list would do nothing to harm the hegemony of the US Dollar. Not for the next 10 to 15 years, at the very least. He went on to state that there are a myriad of different reasons why the US Dollar would undergo a weakening. This can include the entrance of the People's Republic of China and the Russian Federation into the crypto / Bitcoin world.