Crypto and blockchain analyst, Larry Cermak, has alleged that prominent lawyer, Jake Chervinsky, has “converted himself into a full ‘Pomp’ hype man?”

As most crypto enthusiasts would know, Cermak has compared how Anthony Pompliano, a well-known digital asset investment consultant, has been accused of spreading hype about bitcoin (BTC) and other cryptoassets to how Chervinsky is currently encouraging his followers to buy bitcoin.

Creating Too Much Hype?

Cermak, an economics graduate from Skidmore College, noted: “Jake established his credibility by providing very good legal insights into Bitcoin ETFs. And now he converted himself into a full Pomp hype man? I would love to see any evidence whatsoever that institutions are buying BTC right now. Being positive is fine but back up your claims.”

Cermak’s comments were in reference to the following tweet from Chervinsky: 

Former Morgan Stanley Executive Encouraging People To Buy More BTC

Interestingly, many influential crypto advocates have aggressively started to encourage their followers on social media to buy more BTC and/or any other cryptocurrency in which they might have a personal interest and stake. Former Morgan Stanley vice president and UBS president, Donald McIntyre, who is currently a business development manager for ETCDEV, an Ethereum Classic (ETC)-focused development firm, has repeatedly been telling his followers: 

Hi whales, Please start buying $BTC and $ETC. You will not find another opportunity like this in your lifetime.

Former Google engineer, Vijay Boyapati, who is known for his insightful commentary on Bitcoin’s evolving role from a store-of-value (SoV) to a medium-of-exchange MoE), asked via Twitter:

Although most crypto analysts recommend “doing your own research” before investing, there are very few digital currency advocates who openly acknowledge that cryptos may still be in their experimental stages. It’s possible that this “intellectual experiment” could fail, although the chances of it succeeding are now considerably greater, according to Wences Casares, an early bitcoin adopter and founder of leading cold storage solution provider, Xapo.

Being “Irresponsible”

Casares remarked:

I think it would be irresponsible to not acknowledge that it could not work. The chances of this experiment not working are non-trivial. And, it’s important for people who know that, like myself, to always acknowledge that and let people know that.

As covered, Meltem Demirors, the chief strategy officer at CoinShares, a crypto treasury management firm, had encouraged her clients and followers to continue to buy bitcoin, when digital asset prices skyrocketed toward the end of 2017.

Demirors had ignored comments from renowned Yale economist and Nobel Laureate, Robert Schiller, as he cautioned investors that the crypto bubble was about to burst.

Instead, Demirors confidently stated at that time:

We are just getting started and this financial speculation is fueling the development of infrastructure.