Morgan Creek Digital’s founder and early bitcoin investor, Anthony Pompliano at CNN debunks the present assertion that Central banks around the world are building digital currencies aimed at supporting the immutability of bitcoin.
A Competition Is Brewing: Bitcoin Vs CBDCs
During his recent interview with CNN’s Chatterley, Anthony Pompliano, hereinafter known as Pomp says there will be competition among bitcoin and Central Bank Digital Currencies (CBDC) along the line of better technology.
Moreover, he discusses that bitcoins stand a totally different technology than CBDCs. He says, as CBDCs stand to merely replace the physicality of fiat, they employ the existing monetary policies upon which many fiats operate. In this way, however, Pomp elaborates that these digital currencies are in a lot of ways similar to fiat but different from bitcoin.
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
The Superiority Struggle Between Bitcoin And CBDCs
Pomp explains that bitcoin employs the use of a new digital monetary system which is different from the inflationary-type system that fiats are there to correlate with. According to Pomp,
“All these Central Bank Digital Currencies are taking the existing monetary policies and changing the technology fun 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”
Bitcoin Will Win In The Long Run
Speaking about the competition of technology, Pomp notes that as all currencies around the world step up to the digital era, the differences that exist, especially regarding bitcoin is definitely the technology. He says that bitcoin’s monetary policy is more superior to Central Banks’ monetary policies. And that bitcoin will become the winner at some point in the future.
Warren Doesn’t Support Latest Technologies
At the heights of his interview with CNN, Pomp notes that perhaps the best thing to do is not to take technology advice from someone who uses a flip phone and uses no emails. Contrary to the opinion that if Buffett wouldn’t invest his money in bitcoin, then, as a great investor of all time, he deserves the honor to be listened to. Pomp admits that though Warren is a great investor, he knows little to nothing about bitcoin.
It seems the fact that Buffett manages 50% of his portfolio with banks and insurances, makes him want to disregard a technology that especially poses a lot of threat to the sector.
Similarly, crypto twitter is fast realizing that Warren Buffett certainly might not be as proactive as he is thought to be when it comes to investing in technologies. A twitter user notes recently that Warren never invested in many highly successful businesses of today and the fact that he’s never going to own any bitcoin is not worthy of concern.
#bitcoin mining energy costs are nothing compared to the costs needed to secure fiat.
Think: military budget + bank expenses, all around the world, combined. Not all, but any portion of it you wish. https://t.co/n3A6mh1V6o
— CZ Binance
(@cz_binance) February 25, 2020
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