Morgan Creek Digital Assets founder Pomp, known for his anti-bank, pro-crypto rhetoric (“short the banks, long Bitcoin”), sat down with CNBC on the wee hours of Monday morning to bring the good word of cryptocurrency to millions of viewers worldwide.
And while “Pomp” was bearish on BTC in the short-term, it could be argued that his guest appearance was rather successful.
Touching on BTC’s recent leg lower, which sent the asset freefalling below $5,800, a highly-touted level of support that held three times previously, the crypto savant drew lines to bitcoin’s two historical drawdowns of over 80%. Explaining why this statistic is relevant, Pomp noted that Morgan Creek expects for BTC to trade at ~$3,000, just 15% of its all-time high established in 2017.
Keeping this in mind, the analyst added that there’s likely further to fall, despite the already dismal market conditions that crypto has faced.
After CNN, A. Pomp Heads To CNBC To Talk Bitcoin
After appearing on crypto-related segments on CoinTelegraph, Ran NeuNer’s CNBC Africa-sponsored Crypto Trader, and most recently and notably, CNN International, Anthony “Pomp” Pompliano, one of the most diehard Bitcoin advocates, cut out some time to appear on CNBC’s early-morning Squawk Box panel.
Bitcoin is fighting back, struggling to stay above $4,000. This crypto expert believes bitcoin will end down at 85% of previous highs.
– CNBC (@CNBC) November 26, 2018
The host, who has been a subject of controversy in the cryptosphere in recent days, asked Pomp is 2018’s sell-off would deter Bitcoin’s speculators or even those who are faithfully invested in this space for good.
The Morgan Creek partner, arguably one of Bitcoin’s most ardent believers, exclaimed that this couldn’t be further from the truth, noting that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist.
He added that cryptocurrencies as a whole are the best performing asset class in the past decade, even ousting the U.S. equities market, which has been on its longest and most notable bull run in decades. Pompliano then added that while bitcoin has undergone drastic declines in the past, it remains a promising investment. And last but not least, the proponent added that this was all catalyzed by retail players, not the high net-worth individuals that speculators have been clamoring for.
A panelist, obviously slightly perturbed by Pomp’s comments on Bitcoin, asked the diehard about what sets cryptocurrencies apart from any historical “tulip mania”, evidently referencing the long-time belief that this nascent market is this millennium’s ‘mother of all bubbles’.
Taming his anti-bank sentiment back, Pomp responded calmly, pointing out that institutions have been entering into this market, but through over-the-counter desks, rather than spot exchanges that are susceptible to low liquidity and drastic price swings.
Closing off his appearance on a high note, Pomp noted that his firm, Morgan Creek, would be over the moon to purchase BTC at $3,000, and will continue buying at current levels until the sun burns out, so to speak.
Why Such Appearances Are A Bullish Sign
As aforementioned, while Pomp wasn’t 100% sold on Bitcoin’s short-term prospects, his appearance on CNBC should be a hot topic, nonetheless.
“Why?” you may be asking, well let me explain.
Since the cryptocurrency market began its run-up in early-2017, mainstream financial media outlets, namely CNBC, Bloomberg, Forbes, and the Wall Street Journal, began to incessantly cover the world’s flavor of the month, as it were. This, of course, sparked a short-term bout of global adoption, coupled with speculators’ blazing passion to turn a profit, subsequently sending BTC to the moon, to put it lightly.
While outlets have since scaled back their coverage in 2018’s crypto market, nearly going radio silent on crypto for weeks, Pomp’s recent appearance on CNBC and CNN, which comes amid times of investor despair, cements the fact that these outlets still see value and interest in cryptocurrencies, a bullish sign in and of itself.
