It’s Going to be the Competition of Currencies, Not Technology: Anthony Pompliano
- Bitcoin’s monetary policy is “superior” to that of central banks and ultimately it will be the “winner” and become the “next global reserve currency” – Morgan Creek Digital founder
- “I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email”
Bitcoin proponent and co-founder of Morgan Creek Digital, Anthony Pomplaino in his recent interview with CNN's Julia Chatterley talked about central banks increasingly considering issuing their own digital currencies.
Just last week, Sweden’s Riksbank announced that it is testing e-krona. If the pilot is successful, the citizens would be able to make transactions through the blockchain. Pompliano said,
“Everything will be digital. Instead, what we’re going to have is a competition of monetary policy.”
However, it doesn’t mean in any way that Central Bank Digital Currency (CBDC) could replace bitcoin, as he explained, that it is much different than private digital currencies.
Bitcoin’s Monetary Policy Is “Superior” to Central Banks’
According to Pompliano, central banks are simply taking the existing monetary policy and changing the technology, much different from Bitcoin.
“All these central bank digital currencies are taking the existing monetary policies and changing the technology form factor.
What bitcoin does is actually a different monetary policy. It’s not a fiat inflationary-type model, and so what we gonna have is a competition of currencies. It’s not gonna be a competition of technology.”
The monetary policy of Bitcoin meanwhile, is “superior” to that of central banks and ultimately the world’s leading digital currency will be the “winner” and become the “next global reserve currency at some point in the future,” he said.
On the concept of Bitcoin, he talked about how Bitcoin is not only used for speculation but its adjusted on-chain transaction is seeing substantial volume as well, exceeding half a trillion dollars, which means
“it will be bigger than Venmo, ApplePay, PayPal, etc. in terms of transaction volumes.”
Don’t Take Tech Advice From Someone Who Doesn’t Use Email
Recently, we also reported Berkshire Hathaway CEO and Chairman Warren Buffett saying that cryptos don't have any value as they don’t produce anything. Moreover, he said he doesn’t own any Bitcoin (BTC), Tron (TRX), or any other crypto, that Tron founder Justin Sun gave him. Commenting on the long term crypto critic, Pompliano quipped,
“I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.”
Just yesterday, venture capitalist, Tim Draper also said that Buffett dislikes Bitcoin because it is a “huge threat” to his holdings which are in banks and insurance companies.
I spoke to @jchatterleyCNN this AM.
Explained why Warren Buffett isn't a great person to listen to on technology and why Bitcoin's monetary policy is superior to fiat monetary policy.
If this video gets 500,000 views, Julia will bring on more Bitcoiners.
You know what to do 🙏🏽 pic.twitter.com/lEcyQkbG6w
— Pomp 🌪 (@APompliano) February 25, 2020