Will Bitcoin Take Over As A Global Reserve Currency To Replace USD: Anthony Pompliano

• The founder of Pomp investments has recently appeared in an interview with CNBC, where he talked about cryptocurrencies and a lot more. 

•  Regulatory clarity is very important as it gives confidence to investors and entrepreneurs. 

• Bitcoin teaches you everything from economics to computer science to open-source security software.

Anthony Pompliano, the founder of Pomp investments, has recently appeared in an interview with CNBC on its new daily digital show dedicated to crypto coverage. He expressed his views about Cryptocurrencies, their regulations, Bitcoin and its potential, and more. It is important to be open-minded regarding the new technologies and that having a rigid mindset will only make you miss the developments. 

Pompliano gave the instance of El Salvador adopting Bitcoin as a legal tender that it is not a good or a bad idea to adopt new things, but it’s the end result, when they started to report their GDP, and as their tourism exploded, they reported the GDP to be in double digits. 

And he sees it as politicians in the United States are starting to realise this, that it has become really important to realise all this; otherwise, people are simply going to vote them out. 

He further highlighted his opinions about the concerns about energy consumption that mining does. It has become a humanitarian thing, and Bitcoin will do more for the world than all philanthropy combined as it is protecting the purchasing power of over 150 million people around the world in a time where there’s undisputed monetary and fiscal policy. 

New innovations have anyway always raised scepticism in the minds of the government. He gave the instance of Uber, which was earlier another concern for the government. That Uber has helped more to save lives than all of the politicians in the United States over the last decade because it took drunk drivers off the road. 

The chance of Bitcoin becoming a global currency is more than it was five years ago. If the USD falls as a global reserve currency, you have an option of an asset which is not under anyone’s command.

Regulatory Clarity Is Essential 

The host further asked that the mining concentration largely goes from China to the U.S. post-China’s ban on cryptocurrencies. And he highlighted if you’re going to have any concentration, he thinks you want it to be in places with clear regulation, so you could argue that the United States has better regulation. 

He signified the importance of regulatory clarity that it is more important than having the perfect rules because what it will do is unlock tons of capital and give confidence not only to the retail but also to entrepreneurs and investors. 

After the next election, there is a possibility that there will be many more bitcoins in political seats at the state, local or federal levels. 

The host asked how important it is to have a political stance on Bitcoin. He highlighted that an average American would like to know what a particular politician will do that has a financial impact, and that includes the asset class. And the folks would support the candidates who are pro bitcoin. 

Recently Michael Saylor borrowed $205 million using his existing stash of bitcoin as collateral, and that, according to Pompliano, is a great step. It’s a small loan compared to what he had. He’s got five or six billion dollars of bitcoin on the balance sheet. 

Experimentation is crucial; it fails, we take a lesson; it works, we offer it to the folks globally, is what he highlighted while talking about El Salvador’s notion of a Bitcoin bond. 

He also had some advice to give to the younger ones before investing; learning is vital, and bitcoin is a great teacher; it teaches you everything from economics to computer science to security open source software 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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