Morgan Creek Digital co-founder and Bitcoin bull Anthony Pompliano is trying to convince entrepreneur Dave Portnoy to buy and hold BTC for the long-term.
In a new interview on the Pomp Podcast, Pompliano’s pitch centers on Bitcoin’s high levels of scarcity and security.
“Bitcoin has only got 21 million [coins], obviously. And the whole thing behind it is the strongest computing power in the world. So literally, the computer network that runs Bitcoin is stronger than anything in the world. No government, nobody can hack it because it is the strongest computing network in the world…
So rather than the government saying, ‘Today we’re going to print more money’… with Bitcoin, they can’t do that. Because there’s only 21 million and a computer runs it. So the only way to change the computer is if more than half the people agree to change what the computer does. There’s no old guy in a suit who says, ‘we should print more money.’ No human is involved in making the decision, it’s the consensus of everyone involved. So the reason it becomes so valuable is because nobody can fuck with it.”
But Portnoy remains unconvinced. Despite making a bit of money with Bitcoin in his brief time trading crypto, he still calls BTC a Ponzi.
“Bitcoin in my mind is just one big Ponzi scheme… I understand what I think you guys think it is. To me it’s a Ponzi scheme that you get in, and you just got to not be the one left holding the bag.”
Although Portnoy says he prefers stocks because of their more predictable nature, Pompliano calls the stock market a scam.
“The stock market, you know how you say it always goes up?… Since 1971, it’s been a direct 45-degree angle – a couple of drops or whatever, but straight up – that’s because it’s denominated in dollars. If you denominate that same stock market in gold, the stock market is down since 1971. The stock market is a complete scam in terms of accruing value. It’s all the dollar being devalued.”
Despite his skepticism, Portnoy still says he’ll probably buy BTC again in the future.
“I’ve been saying I’ll get back into Bitcoin. I don’t know when.”
