Pompliano: Peter Schiff Will Regret Being Wrong About Bitcoin

Michael LaVere
  • Anthony 'Pomp' Pompliano debated Peter Schiff on CNBC's Crypto Trader program July 31
  • Pomp predicts that if bitcoin is 1% successful, detractors such as Schiff will regret their position.

Anthony ‘Pomp’ Pompliano called out one of bitcoin’s most well-known critics in a recent debate, saying that Peter Schiff will be spending a long time regretting his decision to antagonize the cryptocurrency.

Pomp Debates Schiff

In a debate hosted on CNBC Africa on July 31, Morgan Creek Digital co-founder Anthony ‘Pomp’ Pompliano took on gold-bug and bitcoin critic Peter Schiff over the value of crypto-assets.

The event was moderated by Ran Neuner, who operates the popular Crypto Trader program for CNBC. 

Pomp has established himself as a strong proponent of bitcoin and claims to hold 50% of his wealth in BTC, in addition to predicting that the currency will reach $100,000 following the next block reward halving. Schiff, on the other hand, is known for his penchant over gold, which he spent nearly the entire hour talking about. 

Schiff believes that compared to precious metals such as gold, bitcoin does not hold intrinsic value and will never be able to generate genuine worth. 

He said, 

“If people are right about what’s going to happen to Bitcoin, all the people who own it are going to be really rich, and that’s a dream people don’t want to let go of.”

Schiff claimed that most crypto investors have become “sidetracked” by their own greed, and are unwilling to look at the fundamentals or reality of the market. Instead, he likens crypto mania to its own religion, saying, 

“When you live in a bubble, you can’t see the bubble.”

Pomp countered by pointing out that gold-bugs and crypto detractors are too self-assured that bitcoin will fail. Critics such as Schiff are focused on vilifying bitcoin rather than seeing the opportunity to invest and potentially diversify their portfolio. 

Pomp explained,

“If Peter and others believe… with 100% confidence there is 0% you could be wrong, you could be missing something; 0% chance that Bitcoin could be valuable, that it could be a new technology, a new trend… don’t buy it, don’t put it in your portfolio, don’t use it.”

He continued, predicting that Schiff would likely live to regret his opinion on bitcoin, 

“But if there is even a 1% chance that you could be wrong, the odds, given that it is an asymmetric asset, means that you will be kicking yourself forever for having known about this, spending your time doing this, getting berated on the internet and missed the opportunity.”

Pomp’s argument follows on a statement made earlier in the week by former Goldman Sach executive Raul Pal, who called bitcoin “ludicrously undervalued.” Pal reasoned that if bitcoin was able to achieve 1 percent of its success in providing an alternative, digital asset, the market capitalization would skyrocket well beyond current predictioins.