Pomp on Bitcoin: “It’s Going to End Up Being in Every Institutional Investor’s Portfolio”

Siamak Masnavi

Anthony Pompliano (aka "Pomp"), Co-Founder and Partner at Morgan Creek Digital Assets, said on Tuesday (August 20) that "we're at a tipping point now where Bitcoin is here to stay."

Pomp's comments came during an interview on CNBC's afternoon newsroom-based program "The Exchange", which is usually anchroed by Kelly Evans, but on this occasion, the anchor was Joe Kernen (who is one of the regular anchors on the CNBC program "Squawk Box").

Kernen asked Pomp whether he believed that Bakkt (the FinTech startup owned by Intercontinental Exchange, the parent of the New York Stock Exchange) receiving approval last Friday (August 16) from regulators to launch its phsyically-delivered Bitcoin futures contracts on September 23 would lead to greater institutional adoption of Bitcoin.

Pomp replied:

"Yeah, I definitely do. Every single week, we're seeing more and more infrastructure built around Bitcoin and the crypto markets in general, whether it's infrastructure around hash rate and mining supporting and securing the network, whether it's Bakkt with physically-settled futures, the more infrastructure that's built around this, the more likely it is to never go away. I think we're at a tipping now where Bitcoin is here to stay, and it's going to end up being in every institutional investor’s portfolio at some point in the future."

Pomp was also asked to comment on what he sees as potential headwinds for Bitcoin reaching a much higher than today by the next halving event in May 2020:

"I think there's three components to this. First, regulation could definitely hurt in the short term. It scares people away... Two, there's still a lot of people who don't know what Bitcoin is... So, the number of people who own Bitcoin is still a very small percentage of the world's population. And then the third piece is [that] it's still difficult.. It's not like just calling your broker and buying a stock... I think that friction is still keeping some people out of the market."

Featured Image Credit: Photo via Pexels.com

Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.

Bitcoin

BTC-USD 24 Hour Chart on 24 Feb 2020.png

BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.

As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a "risk-on" rather a "risk-off" asset; another is that Bitcoin whales are manipulating the market.

Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin's latest price action:

Ethereum

ETH-USD 24 Hour Chart on 24 Feb 2020.png

ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.

Cardano

ADA-USD 24 Hour Chart on 24 Feb 2020.png

ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it's been going downhill.

Although the 7-day and 10-day pictures look bad, Cardano's return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.

On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):

 TRON

TRX-USD 24 Hour Chart on 24 Feb 2020.png

TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.

TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.

Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:

"Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one...

"Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism...

"The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation."

Featured Image by "AhmadArdity" via Pixabay.com