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The recognized investor and co-founder of Morgan Creek Digital, Anthony Pompliano, believes that institutions are getting interested in Bitcoin (BTC) and the cryptocurrency market.
Pompliano said that he participated in a symposium of some of the “wealthiest families in the world.” There he was able to talk about Bitcoin and how it works.
Although Bitcoin and other virtual currencies have fallen in the last few hours after negative news about Bitfinex and Tether (USDT), investors remain bullish about the future of the space.
During a symposium, Pompliano talked about virtual currencies to some of the wealthiest people in the world that could be ready to invest in the most popular digital asset.
Although there are no confirmed investments from these individuals, he said that there are several individuals that are asking “the right questions.” With these presentations as he gave, investors with large sums of money could move their funds to the cryptocurrency market and increase their presence.
If these families invest just a small percentage of their funds in Bitcoin, the price of the prominent crypto could increase substantially. This is why the work that investors such as Pompliano do is very important for the market and virtual currencies.
$6 billion invested in virtual currencies, for example, is a very large number that would help the price of Bitcoin reach new all-time highs. According to the recognized analyst Alex Krüger, according to JP Morgan, only $2 billion entered Bitcoin in 2017.
This allowed the digital currency to increase its market capitalization for $15 billion to $250 billion by the end of the year. Furthermore, Bitcoin reached its all-time high in December 2017.
Alex Krüger also explains that there is a fiat multiplier for the funds that enter the space. He explained that JPM provided a 117x multiplier, Citi 50x, Chris Burniske 2x-25x and Vinny Lingham 5-10x.
If the price of Bitcoin starts growing pushed by larger players, retail investors would also place their money in the space and helped the price of Bitcoin grow even stronger.
Currently, each BTC can be bought for $5,275 and it has a market cap of over $93 billion as reported by CoinMarketCap.
The cryptocurrency industry and Bitcoin arose out of the need for consumers to be saved from the financial disaster that was America in 2009. The proponents have long lauded cryptocurrency as the potential solution for eliminating the issues associated with fiat currency. One of the biggest advocates for Bitcoin has been Anthony Pompliano, often taking to Twitter to encourage consumers to “short the bankers,” choosing Bitcoin as the victor every time.
Pompliano is never short on support for how Bitcoin and altcoins are forever the solution to the current system, seeking opportunities to interject on that sentiment. Andrew Siciliano, the host of NFL’s Red Zone, posted to Twitter about issues that he was having in Las Vegas when he was unable to access his funds via ATM. Pompliano jumped in, interjecting that the original crypto is
Even something as simple as the fact that Wall Street closes on the weekend is enough for Pompliano, since Bitcoin is always available. He is never short on reminding the public that there are no holidays for Bitcoin, especially when federal holidays arise and more. Everything from the dress code at Goldman Sachs to Twitter being down is on the table as a comparison.
Pointing out some of these situations could be seen as a joke as well, but Pompliano is not wrong. The bitcoin network has not been down, despite the fact that even Visa’s network wasn’t protected from crashing in the summer of 2018 after a hardware failure that impacted European cardholders. The outage was hours long, and it cannot be ignored how substantially this event impacted transactions in the area.
Due to the decentralized system, there is no chance of Bitcoin ever going down, according to Pompliano and nearly every other proponent of Bitcoin. In fact, it is likely that this fact will never be silenced until mass adoption becomes a reality.
In a recent tweet uploaded by Ran NeuNer, he says that XRP is faster and cheaper than Bitcoin (BTC). The comments come after Anthony Pompliano, a recognized Bitcoin supporter and co-founder of Morgan Creek Digital, said that Bitcoin is cheaper and faster than most popular remittance platforms.
There has always been a division in the crypto community between those that support XRP and those that not. In general, Bitcoin supporters do not stand close to XRP and vice-versa. Anthony Pompliano wrote a tweet in which he shows that Bitcoin is faster and cheaper than most remittance platforms in the market.
It is possible to see that Western Union and Remitly are the slowest platforms for sending payments. They take 3-5 days to process a transaction. Western Union has larger fees then Remitly and Bitcoin.
Meanwhile, Bitcoin is faster than these options and many others such as MoneyGram or Transfast. Additionally, Bitcoin is the cheapest option of all the others. Indeed, while all the traditional services take days to process a simple transaction, Bitcoin takes just over an hour.
As he shows, there are faster and cheaper ways of sending a transaction. Dash, Litecoin (LTC), Ethereum (ETH), Stellar (XLM), Ripple and Bitshares (BTS) are all better options than Bitcoin. XRP, the digital asset used on the Ripple Ledger, takes 4 seconds to process a transaction and the fees are less than one cent.
This is the reason why Ran NeuNer claims that XRP is faster than Bitcoin.
Clearly, the whole XRP community started to celebrate the Tweet uploaded by NeuNer by answering under the comment section. They were very happy that such a respected figure in the space such as Ran NeuNer considers XRP a faster and cheaper option than Bitcoin.
At the time of writing the current article, Bitcoin is being traded around $3,900 and it has a market cap of $68 billion. Meanwhile, XRP is the third largest digital currency, with a market capitalization of $13 billion. Each XRP coin can be purchased for $0.313.
It is quite evident that 2018 was a disastrous year for the crypto sector as a whole — with the prices of almost all of the major digital currencies (including BTC, ETH, XRP) dropping by more than 80%.
This drastic fall did not only prevent a lot of new investment from coming into this nascent domain but also stopped a host of different blockchain projects in their tracks — with a whole host of firms having to lay off a majority of their employees due to massive losses incurred all through the year.
While for a couple of days this year it felt as though the global crypto market was on its path to a full-fledged recovery, this short-lived uptrend was completely destroyed within the span of a few minutes— when the prices of almost all of the top altcoins came crashing down once again.
In this regard, Anthony ‘Pomp’ Pompliano, the founder of Morgan Creek Digital Asset, recently spoke with a respected media outlet about the future of the digital currency sector (primarily through 2019). In Pomp’s opinion, BTC might not drop further but the market as a whole might continue to suffer for some more time.
He then went on to add:
“I think that it’s likely we kind of just go sideways for a while right. You know, if you look at Bitcoin’s price, I don’t know maybe somewhere between like 2500-4500 for a good portion of the year is probably likely based on what we’re seeing”.
In addition to Pompliano weighing in on the future of BTC, in a recent interview with Meltem Demirors, the CSO of CoinShares, she was quick to note that 2018 saw the erasure of many half-arsed crypto projects that did not have a sustainable business model. Furthermore, she went on to say that as we move into the future, more and more opportunities will emerge within this burgeoning space.
Similarly, Arjun Balaji of CNBC was also quoted as saying that the digital asset market still had some bad days ahead of it. Not only that, he also opined:
“Regardless of how I feel about it a lot of you know the tokens that you see trading in this market they’re virtually zombies they haven’t been fully flushed out of the market yet so until that happens I’m a little skeptical that the markets fully bottom down. I think we’ll see that sometime this year.”
Some days ago, Amazon was the second company on earth to reach $1 trillion dollars Market Cap. The first one reaching this mark was Apple at the beginning of August.
However, the Twitter user @APompliano, made an interesting comparison with the cryptocurrency world. He said that one of the first crypto entrepreneurs, Erik Voorhees, sold his company, Satoshi Dice for 126,315 BTC.
If Bitcoin is valued close to $8,000 dollars, he sold the company for $1 billion dollars. According to Pompliano, this transaction made him the first entrepreneur to sell a cryptocurrency-related company eventually worth $1 billion dollars.
Nonetheless, Erik Voorhees answered saying that it is important to be careful with the projections made. In order to put that into context, he said that he spent $132,000 on a t-shirt some years ago when he paid 18 BTC for it in 2011.
At the moment of writing, Bitcoin is being traded close to $7,400 dollars. That means that the current valuation of Satoshi Dice would be $934 million dollars.
Mr. Voorhees is the cofounder of Coinapult, and founded the company Satoshi Dice. Additionally, he has created the exchange ShapeShift.io that focuses on different altcoins.